Bitmine Immersion Technologies added 12,535 ETH over the past week, lifting its Ethereum treasury to 6,041,481 tokens. The company holds 4.9% of circulating ether, and most of it is staked. Chairman Tom Lee tied recent crypto market pressure to investors cutting risk.
Bitmine Immersion Technologies increased its Ethereum treasury to 6,041,481 ETH after acquiring 12,535 ETH over the past week, the company said in a statement on Monday.
Holdings worth approximately $14.3 billion
At $2,365 per ETH, the holdings were worth approximately $14.3 billion as of Oct. 18. According to the statement, Bitmine now owns 4.9% of Ethereum's circulating supply of 122.1 million tokens.
Beyond ether, Bitmine reported 215 bitcoin, a $180 million stake in Beast Industries and a $74 million investment in Eightco Holdings. Its cash and marketable securities came to $582 million. The company's combined crypto, cash, marketable securities and other investments totaled $15.1 billion.
Most of the balance is staked
Of the total, 5,067,309 ETH valued at $12 billion are staked through Bitmine's MAVAN platform and staking partners, representing 84% of its balance. The company projected annualized staking revenue of $309 million at current levels. That figure would rise to $369 million once holdings are fully staked.
Lee attributes crypto pressure to investors cutting risk
Bitmine Chairman Tom Lee attributed recent pressure on crypto markets to investors cutting risk amid geopolitical tensions, rising bond yields and concerns about AI funding and model safety. Lee said: "Crypto is widely held in the US, Korea and Taiwan."
According to The Block's ETH price page, ether traded above $2,400 on Monday, up 0.43% over 24 hours.
Bitmine shares closed Friday at $21.66, down 7.28%, according to The Block's BMNR price page.
Source: The Block
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