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Bitmine, which is run by analyst-turned-crypto-guru Tom Lee, now owns 3.43% of the total Ethereum supply. Bitmine Immersion Technologies has a stated goal to own 5% of the available Ethereum supply. The company’s crypto and cash holdings now total $14.2 billion, including $915 million in cash.
As of Jan. 4, Bitmine had staked 659,219 Ethereum, or about $2.1 billion worth of its holdings. The firm, which currently collaborates with three staking providers, aims to expand this number through the launch of its own in-house validator, which is scheduled to go live later this year.
If fully staked at current rates, Bitmine would receive more than $1 million a day in staking rewards. Crypto staking is the practice of locking up digital tokens in a blockchain network to help validate transactions and secure the network in exchange for earning rewards in the form of more crypto. Analysts say it is similar to earning interest in a bank account.
Most analysts don’t offer ratings or price targets on Ethereum. So instead, we’ll look at the three-month performance of ETH. As one can see in the chart below, the price of Ethereum has fallen 28.41% over the last 12 weeks.
