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🪙Bitmine acquired an additional 71,179 ETH (~$148M) last week, raising its total holdings to over 4.7 million ETH (~$9.8B), representing 3.92% of the total supply in just 8 months.
CEO Tom Lee proudly boasted that ETH has outperformed gold by approximately 18% since the US-Iran conflict began. However, he also warned that crypto can only survive the winter once oil prices stop escalating.
In addition, Bitmine has launched its own ETH staking platform, MAVAN. Currently, the company stakes 66% of its ETH holdings, generating $177M/year. If it stakes all of its holdings, this figure could reach $266M/year.