BitMine Immersion Technologies said it bought another 8,573 ETH for about $19.4 million, bringing its holdings to 6,060,506 ETH, or a reported 4.9% of Ethereum’s supply. The source gives no calendar date for the purchase. It says the acquisition was designed to help BitMine’s stock recover from losses, but does not establish that it did so.
In a November 2 statement, BitMine valued its cryptocurrency, cash, securities and other investments at $14.5 billion as of November 1. It also said it had staked 5,227,037 ETH, worth about $11.8 billion. Chairman Tom Lee estimated $358 million in annualized revenue at current staking levels and projected that annualized rewards could reach $415 million if the entire ETH treasury were staked through MAVAN and its partners.
