Bitmine has increased its Ethereum holdings to 5.7 million ETH (4.7% of total supply), approaching the 5% target set by Tom Lee. The company was added to the Russell 1000 Index, likely attracting passive institutional capital. Meanwhile, ETH price dropped 8% this week, BMNR stock fell 13%, and is down over 90% from its yearly high. Annual staking revenue is estimated at $246 million.
Event Summary
According to MarsBit, Bitmine has increased its Ethereum holdings to 5.7 million ETH, representing 4.7% of the total supply, inching closer to the 5% target set by analyst Tom Lee. The company has been added to the Russell 1000 Index, which is expected to bring significant passive institutional capital inflows. However, market performance has been mixed: ETH price fell 8% over the same period, while Bitmine's stock (BMNR) dropped 13% weekly and has plunged over 90% from its year-high. Bitmine's staked ETH is projected to generate annual yields of approximately $246 million.
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