cryptobriefing.com
Key Takeaways
- Bitmine Immersion Technologies sent $3.9 billion worth of Ethereum into staking.
- The company's total crypto and cash holdings have reached $14 billion.
The total Ethereum staked by Bitmine Immersion Technologies, the digital asset treasury led by Tom Lee, has surpassed 1.2 million $ETH, worth approximately $3.9 billion, the company disclosed Monday.
The company will soon roll out its MAVAN staking solution, which Lee said would be the largest staking provider in the crypto ecosystem. At scale, $ETH staking fees could generate $374 million annually based on the current 2.81% composite Ethereum staking rate.
Bitmine also reported increasing its $ETH holdings by 24,266 units over the past week. The company now holds $14 billion in crypto and cash, including over 4 million $ETH, or 3.4% of the total supply, and has reached almost 70% of its goal to acquire 5% of all Ethereum.
BMNR stock trades an average of $1.3 billion daily, ranking 67th among US-listed stocks. Institutional backers include ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.