Bitmine Nears the 5% Ether Limit Tom Lee Set as Its Staking…
By Tobi Opeyemi Amure
AI summary of the source article
Bitmine disclosed it holds 6,070,092 ETH, bringing it within 39,908 tokens of its 5% supply cap. Meanwhile, a drop in trailing staking yield to 2.65% lowered the company's projected annualized staking income from $358 million to $309 million.
Why it matters
The text states: "Bitmine holds nearly seven times the ether of every other corporate treasury combined, which is why its approaching purchase limit is a market event rather than a company one."
Key facts
- Bitmine holds 6,070,092 ETH, reaching 4.97% of the total ether supply and leaving it 39,908 tokens shy of its 5% limit.
- The firm's annualized staking income forecast on 5,227,037 staked ether fell from $358 million to $309 million due to a yield drop to 2.65%.
- Bitmine accounts for 76.3% of all ether held across 29 listed companies and institutions.
Source excerpt · FinanceFeeds
Bitmine said on Monday morning that it holds 6,070,092 ETH, worth $13.6 billion, taking its crypto, cash and venture stakes to $14.3 billion. The company bought 9,587 ETH over the past week, worth about $21.4 million at the price it used, and now owns 4.97% of the ether supply. By the time New York had been open an hour, ether was down 5.22% at $2,124.30 , below the $2,234 Bitmine marked its holdi…