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Bitmine boosts with an extra 76,000 Ether! Tom Lee is bullish on the outlook: the “spring” of crypto is beginning to sprout
Bitmine's Ethereum holdings reach 5.62 million coins, valued at $9.66 billion, accounting for 4.66% of the global circulating supply. Chairman Tom Lee states he will continue to buy and create annualized yields of over $200 million through asset staking.
As the cryptocurrency market shows signs of warming, major corporate investors are rapidly accumulating coins. Bitmine Immersion Technologies announced that the company's Ethereum holdings have risen to 5.62 million coins, worth $9.66 billion, representing 4.66% of the total circulating supply of the second-largest cryptocurrency worldwide.
Latest data shows that Bitmine bought 76,881 Ethereum coins in the past week. After the latest round of accumulation, the company is 95% of the way toward its ultimate goal of controlling 5% of the total Ethereum supply.
Bitmine Chairman and well-known Wall Street analyst Tom Lee said the company is maintaining a high-intensity buying pace and pointed out that recent price corrections in Ethereum do not reflect the increasingly robust fundamentals of the Ethereum network. He said:
Considering we are in the early stages of "Crypto Spring," this is not surprising.
According to CoinGecko data, Ethereum is currently trading at around $1,779, up 3.7% in the past 24 hours, but still down about 64.3% from the all-time high of $4,946 set in August last year, indicating there is still a long way to go for a full market recovery.
Annualized staking yield reaches $219 million
In addition to holding Ethereum, Bitmine also owns 204 Bitcoin, a $180 million stake in Beast Industries, a $93 million stake in Eightco Holdings, and $446 million in cash.
Meanwhile, Bitmine is actively deploying assets into staking, with 4.71 million Ethereum coins staked, accounting for about 83% of its holdings, generating approximately $219 million in staking rewards annually. If all coins are eventually deployed to its own validator platform MAVAN for staking, the annualized yield could further increase to about $269 million.