BitMine reports more than 6 million ETH in holdings

BitMine Immersion Technologies said it held 6,001,302 ether as of September 27, after adding 17,362 ETH over the preceding week, taking its reported Ethereum treasury above 6 million tokens. The company valued the ETH at about $16.2 billion using a reference price of $2,698 per token, while its broader portfolio of cryptocurrency, cash, marketable securities and other investments totaled $17.2 billion. The holdings and purchase figures came from BitMine’s September 28 disclosure. The company did not report the average price paid for the latest acquisition. Its ETH valuation is a snapshot based on the stated reference price; market prices move, so the value can change. BitMine reported that 5,067,309 ETH, or roughly 84% of its holdings, was staked as of September 27. Chairman Tom Lee said the company’s current annualized staking revenue was projected at about $358 million. He said the figure could reach about $424 million if all of BitMine’s ETH were staked through its validator network and partners. Those amounts are company projections, not realized or guaranteed revenue.