ONE COMPANY NOW HOLDS NEARLY 5% OF ALL ETHEREUM!
Tom Lee's BitMine just purchased another 12,535 $ETH, worth approximately $30 million.
According to its October 19 update, BitMine now holds:
• 6,041,481 ETH, about 4.9% of total supply.
• 5.07 million ETH staked, roughly 84% of its holdings.
• $15.1 billion in combined crypto, cash and other investments.
Here's what makes this interesting.
BitMine estimates its current staking positions could generate approximately $309 million annually at recent yields.
Its MAVAN validator network is also expanding beyond BitMine's treasury to serve institutional clients.
But there's a catch: staking rewards fluctuate, and holding nearly 5% of ETH creates significant exposure to Ethereum's price.
With BitMine now 99% of the way to its 5% target, what happens to ETH demand when its aggressive buying slows?
Tom Lee's BitMine just purchased another 12,535 $ETH, worth approximately $30 million.
According to its October 19 update, BitMine now holds:
• 6,041,481 ETH, about 4.9% of total supply.
• 5.07 million ETH staked, roughly 84% of its holdings.
• $15.1 billion in combined crypto, cash and other investments.
Here's what makes this interesting.
BitMine estimates its current staking positions could generate approximately $309 million annually at recent yields.
Its MAVAN validator network is also expanding beyond BitMine's treasury to serve institutional clients.
But there's a catch: staking rewards fluctuate, and holding nearly 5% of ETH creates significant exposure to Ethereum's price.
With BitMine now 99% of the way to its 5% target, what happens to ETH demand when its aggressive buying slows?