BitMine’s total holdings in cryptocurrency, cash, and equity have fallen to $14.3 billion, marking the lowest weekly total since mid-August, the company announced Monday.
The company’s cash and marketable securities also saw a decline, dropping to $475 million. This marks the seventh consecutive weekly decrease from $714 million reported on September 20. Beyond Ether (ETH) and cash reserves, BitMine’s portfolio includes 216 Bitcoin (BTC), a $180 million investment in Beast Industries, and a $75 million stake in Eightco Holdings (ORBS).
The previous week, BitMine’s total holdings stood at $14.5 billion. The majority of these assets were ETH, which the company valued at $2,234 per token based on Coinbase prices, a slight decrease from the previous week’s $2,261.
Significant ETH Accumulation Continues
In the week ending November 8, BitMine acquired an additional 9,587 ETH, bringing its total treasury holdings to 6,070,092 tokens. This purchase was larger than the 8,573 ETH added in the preceding week. The company now holds 4.97% of the total ETH supply, which stands at 122.2 million tokens, inching closer to its stated goal of 5%.
Staking Revenue and Yields
BitMine reported 5,227,037 ETH staked, representing 86% of its treasury. This figure has remained consistent since BitMine’s staked ETH increased in the week ending October 25. Prior to that adjustment, the staked amount had been reported at 5,067,309 in weekly updates from August 9 to October 18.
Chairman Tom Lee estimated the annualized staking revenue from the currently staked ETH at $309 million. This projection is based on BitMine’s trailing seven-day staking yield of 2.65%. A week prior, he had cited a 3.03% yield, which translated to an estimated $358 million in revenue.
Lee indicated that if the entire treasury were staked, it would generate $359 million annually at the current yield. In last week’s report, this projected figure was $415 million.
Endorsement of Ethereum’s Value Proposition
Lee’s commentary in the release opened with a reference to Ethereum co-founder Vitalik Buterin. He highlighted Buterin’s remarks at Devcon 8, held in Mumbai from November 3 to 6, where Buterin described ETH as a store of value and as money.
“This declaration by the founder of Ethereum, in my view, is a seismic shift, clarifying how ETH will capture value in this coming supercycle of tokenization and AI,” Lee stated.
Buterin had also written that ETH’s case as a fee-burning token was not as strong as it appeared, and argued that optimizing ETH for fee burning would be difficult to reconcile with decentralization and resistance to capture.
