BitMine said it purchased an additional 71,179 Ethereum (ETH) over the past week, expanding its total holdings to 4,732,082. BitMine’s ETH holdings account for 3.92% of total circulating supply and are valued at about $9.49 billion, representing a core portion of its $10.7 billion in total crypto, cash and strategic investment assets. A total of 3,142,643 ETH is currently staked, generating about $177 million a year at a 2.80% annualized yield; the company said annual rewards could rise to around $266 million if all holdings are staked. As of the 29th (local time), BitMine holds 4,732,082 ETH; at an ETH price of $2,005, the stake is valued at about $9.49 billion.
That represents 3.92% of total ETH in circulation (120.7 million). BitMine has accelerated its buying for four consecutive weeks, moving closer to its goal of securing 5% of ETH. According to PR Newswire on the 30th, BitMine said it bought 71,179 ETH last week, a pace higher than its previous average weekly purchases (45,000–50,000).
Thomas Lee, chairman of BitMine, said, “As the Iran war enters its fifth week, ETH and cryptocurrencies have delivered 1,160bp of outperformance versus equities,” adding that “gold has underperformed by more than 750bp.” He added that “The inverse correlation between oil prices and crypto and equities has reached its highest level in the past year,” adding, “Rising oil prices weigh on risk assets, but if the risk from higher oil prices passes its peak, the crypto winter may also be nearing an end.”
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