Bitmine Boosts ETH Holdings to 5.7M, Nearly Reaches 5% Goal
Publicly traded company Bitmine has announced a significant increase in its Ethereum holdings, reaching 5.7 million ETH, which represents approximately 4.7% of the total ETH supply. This brings the firm just 0.3 percentage points away from the 5% target previously outlined by noted analyst Tom Lee. In a separate development, Bitmine's stock has been added to the Russell 1000 index, a move that will automatically trigger inclusion in many passive index funds, thereby generating a steady stream of institutional capital inflows.
Despite the bullish expansion of its ETH position, the market has shown mixed signals. Over the past week, the price of Ether has declined by approximately 8%, while Bitmine's stock (ticker: BMNR) fell 13% week-over-week. From its year-to-date peak, BMNR has plunged more than 90%. However, the company continues to generate substantial recurring income by staking its Ethereum holdings, with annualized staking rewards estimated at $246 million. This staking revenue provides a financial buffer and reinforces the long-term holding strategy.