Bitmine, the public company described in the report as the world’s largest listed holder of Ether, kept buying last week and added more than 27,000 ETH, pushing its total holdings to 5.77 million ETH.
According to a statement released on Monday, the company bought 27,084 ETH over the past week. Its cumulative Ether holdings now stand at 5.77 million ETH. Using an estimated Ether price of $1,820 per coin, Bitmine said the position is worth about $10.5 billion. The company added that the stake accounts for about 4.8% of Ether’s total supply of 120.7 million coins and means it has reached 96% of its target of holding 5% of global circulating Ether supply.
Tom Lee says users are starting to use ETH as money
Bitmine Chairman Tom Lee said the company is maintaining an aggressive pace of Ether purchases. He also said the recent launch of the Robinhood Chain mainnet is a clear example of Ether’s utility and product-market fit.
In the statement, Lee said: “Robinhood’s 27 million active users use Ether as the unit for pricing and paying transaction fees. In other words, ordinary users have started to treat Ether as money and use it that way.”
4.92 million ETH has been committed to staking
Alongside continued Ether purchases, Bitmine said it is also generating steady income through staking. The company currently has 4.92 million ETH staked, a position it said could generate as much as $242 million in annual staking revenue.
Other assets include BTC, equities, cash and securities
Beyond its Ether position, Bitmine also holds 206 BTC, $180 million worth of shares in Beast Industries, $74 million worth of shares in Eightco Holdings, and $482 million in cash and marketable securities.
Based on the information disclosed, Bitmine is currently the largest listed company by Ether holdings and the world’s second-largest crypto treasury company, behind Strategy, which holds $54 billion in Bitcoin.