Bitmine buys $90M more Ethereum

• Bitmine purchased 52,203 Ethereum worth about US$90 million, increasing its holdings to 4.7% of total supply.
• The purchase strengthens Bitmine's position as one of the largest corporate holders of Ethereum.
• The company said staking revenue could rise as more of its Ethereum holdings are deployed through staking partners.

Bitmine purchased 52,203 Ethereum (CRYPTO:ETH) worth about US$90 million, increasing its holdings to 4.7% of Ethereum's total supply and moving closer to its 5% ownership target.

The acquisition comes less than a year after Bitmine launched its Ethereum treasury strategy and follows a series of capital raises used to expand its ETH position.

“We remain close to our publicly stated goal of holding 5% of all Ethereum,” said Bitmine Chairman Tom Lee.

Bitmine said its balance sheet now includes approximately US$10.7 billion in crypto assets, cash, marketable securities and strategic investments, while 4,718,677 ETH valued at more than US$8.2 billion has already been staked.

The company said annualised staking revenue has increased to about US$223 million and Tom Lee stated rewards could reach US$268 million when all holdings are fully staked, while Following the announcement the Bitmine share price was unchanged at US$43.91.

Earlier this year, Bitmine raised approximately US$273.8 million in net proceeds through a 3.5 million share preferred stock offering priced at US$80 per share to support additional Ethereum purchases.

Bitmine's accumulation strategy has made it one of the largest corporate cryptocurrency holders, while Strategy recently disclosed a separate purchase of 520 Bitcoin (CRYPTO:BTC) for its treasury.

At the time of reporting, Ethereum price was $1,723.93.