Overview
- BitMine disclosed Monday it bought 101,627 ETH last week for about $230–$235 million, its biggest weekly purchase since December.
- The purchase lifts its treasury to roughly 4.976 million ETH, equal to about 4.1% of circulating supply and near 82% of its goal to own 5% of all ether.
- More than 3.3 million ETH is now staked through its MAVAN validator network, with staking meaning the tokens are locked to help run the Ethereum network and earn rewards at a reported 2.88% 7-day yield that equates to about $221 million a year.
- The company reported the transaction in a press release and an SEC Form 8-K, following a recent quarter in which fair-value marks on ETH produced a $3.8 billion net loss.
- BitMine values its combined crypto, cash, and equity holdings at about $12.9 billion, including $1.12 billion in cash, 199 bitcoin, and stakes in Beast Industries and Eightco.