Bitmine bought another 10,399 ETH last week, now holding 5.8 million ETH. That’s 4.8% of Ethereum’s circulating supply, just shy of their 5% target, making them the largest corporate ETH holder. They also repurchased 4.5 million shares, citing undervaluation.
Our take: This is a massive vote of confidence in Ethereum’s long-term value, moving beyond the Bitcoin treasury model. Bitmine stakes 85% of its ETH through MAVAN for a projected $247 million in annualized revenue. This isn't just about capital appreciation; it’s about yield. Institutions see ETH as an income-generating asset.
The price is above the EMA20 and EMA50. Lose 1,863, and the short-term trend flips.
$ETH
Our take: This is a massive vote of confidence in Ethereum’s long-term value, moving beyond the Bitcoin treasury model. Bitmine stakes 85% of its ETH through MAVAN for a projected $247 million in annualized revenue. This isn't just about capital appreciation; it’s about yield. Institutions see ETH as an income-generating asset.
The price is above the EMA20 and EMA50. Lose 1,863, and the short-term trend flips.
$ETH