Bitmine said it bought another 9,587 ETH, bringing its holdings to 6,070,092 ETH as of Nov. 8, or about 4.97% of the circulating supply. The company said it was about 40,000 ETH short of its 5% target, after which Chairman Tom Lee said it plans to stop steadily buying.
Bitmine reported $14.3 billion in combined holdings, down from $14.5 billion a week earlier despite the ETH purchase. It said 5,227,037 ETH was staked and estimated annualized staking revenue at $309 million at current yields; that figure is not revenue already earned. Lee said Vitalik Buterin’s view of ETH as a store of value reinforced Bitmine’s strategy.
