Bitmine grows treasury to 5.78M ETH as Ether outpaces Bitcoin
BitMine said its Ether holdings reached 5.78 million ETH, about 4.8% of Ethereum’s circulating supply, putting it close to its target of 5%. It added 7,430 ETH over the past week, and roughly 4.9 million ETH, or 85% of its treasury, is staked through validators and partners. The company valued its crypto, cash, and marketable securities at $11.5 billion, including 207 BTC and $385 million in cash and securities. It also repurchased 5.5 million shares under its $4 billion buyback program. BitMine’s staking platform, MAVAN, generated $45.7 million in revenue over the three months ended May 31, making up 98% of total revenue. Shares rose more than 6% on Monday. Meanwhile, ETH has outperformed BTC over the past week and month, and Robinhood’s new Ethereum layer-2 chain has added to optimism around institutional adoption of Ethereum’s ecosystem.
