Bitmine nears 5% of Ethereum supply after buying 28,086 ETH

Bitmine Immersion Technologies announced on Tuesday that it has increased its Ethereum treasury to 5,929,198 ETH after acquiring 28,086 tokens over the past week.

At $2,495 per ETH, the holdings are worth about $14.8 billion. Bitmine (BMNR) now holds 4.9% of Ethereum's 122.0 million token supply, the company said in a statement.

Of the total tokens held, 5,067,309 ETH, valued at $12.6 billion, are staked via the company's MAVAN platform and staking partners, representing 85% of its balance. Bitmine projected annualized staking revenues of $330 million based on a 7-day annualized yield of 2.61%.

Beyond ether, Bitmine reported 211 bitcoin, a $180 million stake in Beast Industries, a $91 million stake in Eightco Holdings, and total cash and marketable securities of $593 million. Combined crypto, cash, and other assets totaled $15.7 billion as of Sept. 7.

Chairman Tom Lee reiterated the company's conviction in ether (ETH), saying the asset outperformed the S&P 500 by 5,430 basis points in the third quarter through Sept. 4.

"The top 3 performing assets since June 30th are ETH, BTC and SOL," Lee said in the statement. "We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far."

According to The Block's ETH price page, ether traded at $2,471.92 on Tuesday, down 1.39%.

Bitmine shares closed at $24.97 on Friday, down 5.6%, according to The Block's BMNR price page.