BitMine’s crypto, cash, and equity holdings fell to $14.3 billion, the lowest weekly total since mid-August, the company said Monday.
Cash and marketable securities fell to $475 million, the seventh weekly drop in a row from $714 million on September 20. Besides Ether (ETH) and cash, the company held 216 Bitcoin (BTC), a $180 million stake in Beast Industries and a $75 million position in Eightco Holdings (ORBS).
A week earlier, BitMine’s holdings totaled $14.5 billion, most of which was ETH, which the company marked at $2,234 per token using Coinbase prices, down from $2,261.
Staking Yield Falls to 2.65%
The company bought 9,587 ETH in the week to November 8, bringing its treasury to 6,070,092 tokens, a larger purchase than the 8,573 ETH BitMine added a week earlier. It now owns 4.97% of the 122.2 million ETH in supply, against its goal of 5%.
Moving on, BitMine reported 5,227,037 ETH staked, or 86% of its treasury, a count that has not moved since BitMine’s staked ETH rose in the week to October 25. Before that rise, it sat at 5,067,309 in every weekly update from August 9 to October 18.
Chairman Tom Lee put annualized staking revenue at $309 million on the ETH staked today. He’s using a projection based on BitMine’s trailing seven-day staking yield of 2.65%. A week earlier, he cited a 3.03% yield and $358 million.
Fully staked, Lee said, the treasury would earn $359 million a year at the new yield. Last week’s release put that figure at $415 million.
BitMine’s Lee Cites Buterin’s Store-of-Value Call
Lee led his comments in the release with Ethereum co-founder Vitalik Buterin, referencing Buterin’s statements at Devcon 8, held in Mumbai from November 3 to 6, that ETH is a store of value and is 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 wrote that ETH’s case as a fee-burning token was never as strong as it seemed, and argued that optimizing ETH as a fee-burning token would be very hard to square with decentralization and capture resistance.
The post BitMine Just Bought Another 9,500 ETH as Tom Lee Backs Buterin’s Ethereum Vision appeared first on CryptoPotato.
BitMine’s seven-day staking yield fell to 2.65% from 3.03% in a week, cutting Tom Lee’s estimations to $309 million from $358 million. AA News, Crypto News, Locals, social, SocialFB, BitMine, Ethereum
This articles is written by : Nermeen Nabil Khear Abdelmalak
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