Breaking News: BitMine completed its largest Ethereum (ETH) acquisition since 2026 last week, purchasing 40,302 ETH.
This acquisition, valued at approximately $117 million at current market prices, increases the company's ETH holdings to over 4.24 million, representing about 3.52% of the total circulating supply of Ethereum.
BitMine has staked over 2 million ETH, roughly half of its holdings, converting a significant portion of it into yield-generating assets through network rewards. If the company were to stake all its ETH assets, it could earn approximately $1 million daily at current prices.
This practice highlights a key strategic difference between BitMine and Michael Saylor. Saylor favors Bitcoin as a superior long-term store of value. Unlike ETH, Bitcoin lacks a built-in yield mechanism, forcing Saylor to explore alternative financing methods, such as issuing promissory notes. In contrast, Ethereum's staking model allows users to earn passive income directly from the protocol, which aligns with Tom Lee's optimistic view of ETH's earning potential.