BitMine Immersion Technologies, a publicly traded Ethereum treasury firm, has added around $73 million in ETH to its treasury, increasing its holdings to 5,742,237 ETH. This represents more than 4.7% of the Ethereum circulating supply, valued at nearly $10 billion. The latest acquisition comes as the firm’s leading Bitcoin counterpart, Strategy, dumped $216 million in BTC to pay dividend obligations.
Ethereum Holdings
BitMine’s ETH holdings are now valued at nearly $10 billion, with the latest acquisition representing a step up from last week’s $43 million acquisition. According to BitMine Chairman Tom Lee, the firm believes regulatory clarity is an important milestone, enabling crypto, particularly smart contract platforms like Ethereum, to benefit.
Regulatory Clarity
The odds of the passage of the Clarity Act have increased, with prediction markets now seeing approximately 50% probability, the highest odds in two weeks. Lee stated that the firm believes crypto prosperity is just beginning, pointing to increased odds of the passage of the Clarity Act as another piece of evidence.
Stock Performance
Shares in BitMine jumped more than 5% shortly after market open to trade around $15.14 per share, reflecting some additional investor optimism. The stock’s recent addition to the Russell 1000 index is expected to significantly impact the institutional ownership of the firm’s shares, according to Lee.
Staking Revenue
In addition to its ETH purchase, the firm has increased its staked ETH to 4,879,157 or nearly 85% of its entire stack, bringing its projected annualized staking revenue to $235 million. ETH has gained more than 10% in the last week to change hands around $1,752, but remains 65% off its all-time high of $4,946.
Based on reporting from crypto.news.
