Jumping 9% in the last 24 hours, ETH was recently changing hands around $2,288, making BitMine’s stash of 4,595,562 ETH worth more than $10.5 billion at the time of writing. ETH reached a daily peak of $2,301 earlier Monday.
"BitMine has slightly increased the pace of ETH buys in each of the past two weeks, as our base case is ETH is in the final stages of the 'mini-crypto winter,’” said BitMine Chairman Tom Lee in a statement.
"Since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 by 2,450bp (24.5%),” said Lee. “This is a meaningful outperformance in a mere two weeks.”
Alongside its acquisition, the firm also added to its quantity of staked ETH as its own staking platform—Made in America Validator Network (MAVAN)—is still on track to launch by the end of Q1. BitMine is now staking 3,040,515 ETH, about $6.9 billion worth and 66% of its entire supply, making its annualized staking revenue around $180 million at its current rate.
“BitMine has staked more ETH than other entities in the world,” said Lee, adding that when its entire stack is staked, the firm expects rewards to be about $272 million annually using its 7-day yield rate of 2.81%.
Shares of BMNR are up more than 11% on Monday, recently changing hands around $22.89. Even so, the stock has dropped 59% in the last six months as ETH remains nearly 54% off its all-time high of $4,946 set last August.
