TLDR Tech / Crypto
Bitmine Nears Goal of Controlling 5% of Ethereum Supply
Bitmine Immersion Technologies now holds 5.79 million ETH (approximately 4.8% of circulating supply), valued at roughly $11.3 billion, closing in on its 5% concentration target with weekly purchases that accelerated to 9,946 ETH last week from 7,430 the prior week. Approximately 85% of holdings (4.9 million ETH) are staked through its MAVAN validator network, projecting $299 million in annualized staking rewards once the full position is deployed. Total assets reach $11.8 billion across ETH, 208 BTC, $268 million in cash and securities, and strategic equity stakes in Beast Industries and Eightco Holdings, making Bitmine the largest corporate Ether treasury among public companies. The ETH/BTC ratio hit a 3-month high of 0.3000 last week as ETH gained approximately 2.4% against Bitcoin's 0.7% decline, coinciding with Bitmine repurchasing 11.6 million common shares since July 1 under a $4 billion buyback program.
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