BitMine Immersion Technologies bought another 53,501 Ether, extending its weekly buying streak to 65 weeks and bringing its total holdings to about 5.90 million ETH.
The Connecticut-based company said in a disclosure that it now holds roughly 4.9% of Ethereum’s total supply, putting it within 0.1 percentage point of its 5% treasury target.
BitMine valued its combined cryptocurrency, cash and equity holdings at about $15.6 billion. About 5.07 million ETH, worth roughly $12.7 billion, is currently staked, allowing the company to earn staking rewards.
BitMine reported an annualized staking yield of 2.63% over seven days. If all of its eligible Ethereum were staked, the company estimates it could generate about $390 million in annual rewards.
Chairman Tom Lee pointed to crypto’s strong performance in the third quarter despite recent market swings.
“The top 3 performing assets since June 30th are ETH, BTC and SOL,” Lee said.
BitMine shares fell 7.14% on Aug. 28 to close at $23.80, while Ethereum traded near $2,464. The latest purchase keeps the company on track to reach its 5% Ethereum treasury target and retain its position as the largest publicly disclosed corporate Ethereum holder.
