Bitmine has increased its Ethereum holdings to 5.7 million ETH, representing 4.7% of total supply, inching closer to Tom Lee's 5% target. The company's inclusion in the Russell 1000 Index is expected to attract significant passive institutional capital. Meanwhile, ETH price fell 8% weekly, and BMNR shares dropped 13% weekly, now down over 90% from their yearly high. The staked ETH is projected to generate approximately $246 million in annualized yield.
According to MarsBit, Bitmine has increased its Ethereum (ETH) holdings to 5.7 million coins, representing 4.7% of the total ETH supply, just a step away from the 5% target set by prominent analyst Tom Lee. The company has also been added to the Russell 1000 Index, a move expected to drive substantial passive institutional capital inflows.
Despite the expanded position, market performance has been mixed. ETH price fell 8% over the same period, while Bitmine's stock (BMNR) dropped 13% weekly and is now down more than 90% from its year-to-date high. However, the staked ETH is estimated to generate approximately $246 million in annualized yield for the company, highlighting the cash flow advantages of its long-term holding strategy.
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