BitMine Stakes 5.07M ETH, Holdings Represent 4.9% of Ethereum Supply

Bitcoin miner BitMine Immersion Technologies said in its latest staking disclosure that it had 5,067,309 ETH staked as of August 30, valued at approximately $12.7 billion based on a price of $2,511. The company's staked balance remained unchanged from August 9 to August 30, while it added 53,501 ETH in its latest weekly purchase, bringing total holdings to 5,901,112 ETH. BitMine said its Ethereum treasury represents approximately 4.9% of the total Ethereum supply of 120.7 million ETH, and the company had previously set a target of acquiring 5% of the total Ethereum supply. The company set an annualized yield of 2.63% for staking over the past seven days and said current holdings correspond to annualized staking income of approximately $335 million; if all ETH balances were staked at the same yield through its self-built network and staking partners, annualized staking rewards could reach $390 million. BitMine officially launched its self-built "American-made validator network" MAVAN in April this year. In its April disclosure, the company said some staked ETH was already deployed on MAVAN but did not specify the amount. BitMine's staked holdings stood at 4,879,157 ETH in early July, surpassed 5 million ETH on August 9, and have remained flat across four subsequent weekly disclosures. Company chairman Tom Lee previously stated that BitMine's staked ETH exceeds that of any other entity.