Overview
- BitMine, which said Thursday at Consensus it may slow weekly ETH purchases, estimates the 5% threshold is about six weeks away at its current pace of roughly 100,000 ETH a week.
- The company reported 5.18 million ETH as of May 3, equal to about 4.29% of the 120.7 million coin supply.
- About 85% of its ETH is staked, generating more than $300 million in annualized revenue that Lee said helps the firm avoid selling holdings in down markets.
- Management is weighing other uses for cash, including a $4 billion share repurchase and growth of MAVAN, its institutional staking platform that is staking about $14 billion in assets.
- BitMine is the largest public ETH treasury, with total crypto, cash and equity holdings of about $13.1 billion according to recent disclosures.