Bitmine’s stash of ETH is really ruthless—it’s almost touching 5% of the supply. Even so, the staking ratio is still that high, and the cash flow is healthy too. Institutional playbooks are truly different.

Bitmine increased its holdings by 27,801 ETH last week, bringing its total holdings to 5,770,038 ETH, about 4.8% of ETH’s total supply, and has staked 4,917,189 ETH. As of July 12, the company also holds 206 BTC, $482 million in cash and marketable securities; the combined size of its crypto assets, cash, and related investments totals $11.3 billion.