Bitmine reports $11.6 billion in crypto and cash holdings

Bitmine Immersion Technologies Inc. (NYSE: BMNR) reported total crypto, cash and investment holdings of $11.6 billion as of May 31, according to a company statement.

The company's holdings include 5.42 million Ethereum (ETH) tokens valued at $2,003 per token, 203 Bitcoin, $180 million in Beast Industries, $93 million in Eightco Holdings and $446 million in cash. Bitmine's ETH holdings represent 4.49% of the total ETH supply of 120.7 million tokens.

Bitmine has 4.72 million ETH tokens staked, representing $9.5 billion at current prices. The company operates MAVAN, an Ethereum staking platform that generated a 7-day yield of 2.73% annualized. Bitmine projects annual staking revenues of $258 million based on current operations.

"Over the past week, we acquired 26,497 ETH," stated Thomas Lee, Chairman of Bitmine. The company aims to reach 5% ownership of total ETH supply, which it refers to as the "alchemy of 5%."

According to Fundstrat data, Bitmine stock trades an average daily dollar volume of $628 million, ranking 225th among US-listed stocks by trading volume. The stock trades ahead of Blackstone and behind Marathon Petroleum in daily dollar volume rankings.

Bitmine describes itself as having the largest ETH treasury globally and the second-largest cryptocurrency treasury behind Strategy Inc., which reportedly holds 843,738 Bitcoin valued at $62 billion.

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