Bitmine Approaches 5% Ethereum Ownership Through Staking and Purchases
- Bitmine acquired a total of 53,501 ETH through August 30, raising its holdings to 5.9 million ETH.
- As of August 30, over 5.06 million ETH were staked with an annualized yield of 2.67%.
- On September 1, Bitmine wallets reportedly acquired another 51,000 ETH, potentially increasing total holdings to approximately 5.95 million ETH.
- To achieve a target of owning 5% of Ethereum’s circulating supply (around 6.035 million tokens), Bitmine needs to retain nearly all staking rewards.
- As of September 5, the total Ethereum supply was about 122.02 million ETH, reducing Bitmine’s ownership percentage to approximately 4.84%.
Bitmine’s strategy involves balancing acquisitions with staking rewards to reach its goal of owning a significant portion of Ethereum without solely relying on market purchases.
With recent purchases and staking yields, Bitmine is now only about 83,000 ETH short from its target after the latest acquisition on September 1.(Source)
