Overview
- Bitmine, which disclosed the move Monday, bought 71,672 ETH last week as prices slipped below about $2,200.
- The stash now equals about 4.37% of Ethereum’s 120.7 million circulating supply, putting Bitmine near 87% of its 5% ownership goal.
- The firm has staked 4,712,917 ETH through its MAVAN validator network, generating about $289 million in annualized rewards.
- BMNR shares traded down roughly 4% to around $19 after the update, reflecting fresh focus on concentration and liquidity risks.
- Staking locks most of this ETH in validators that help run the network and earn yield, which can cut near-term sell supply but slows any large exit.