Bitmine acquired 53,501 ETH, bringing its disclosed holdings to 5.9 million tokens, with an additional 51,000 ETH purchase reportedly worth $126 million still unconfirmed. The Nasdaq-listed company is nearing its stated goal of owning 5% of Ethereum’s supply, which based on 120.7 million tokens in circulation would require approximately 6.035 million ETH. With roughly 5.06 million ETH staked at a 2.67% annualized yield, the company could generate approximately 135,000 ETH in annual staking rewards, nearly matching the current gap to its 5% target. Ethereum’s expanding supply complicates this strategy: at 1% annual supply growth, Bitmine could not reach 5% even by retaining all staking rewards. The key question for investors is now how much of its ETH staking rewards Bitmine will keep on its balance sheet versus converting to USD to fund operations and shareholder dividends.
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