Bitmine stakes nearly 4% of all ETH, locks in NYSE uplisting
Bitmine now holds 3.98% of all staked ETH and is uplisting to the NYSE, aiming for 5% ownership.Summary
Bitmine has accumulated 3.33 million staked ETH, valued at $7.1 billion, representing 3.98% of the total Ethereum supply. The company, which brands its staking operation as MAVAN, aims to reach 5% of all ETH in circulation. In addition to its ETH holdings, Bitmine reports $11.4 billion in total assets, including cash and other crypto positions, notably a $92 million stake in ORBS, which offers exposure to OpenAI. Starting April 9, Bitmine will uplist from the NYSE American to the main New York Stock Exchange, a move signifying its compliance with stricter listing requirements and appealing to institutional investors. The company's stock (BMNR) is actively traded, and it boasts a strong roster of institutional backers including ARK Invest, Founders Fund, and Pantera Capital. Bitmine is positioned as a publicly traded vehicle for Ethereum exposure, generating yield through staking, similar to MicroStrategy's approach with Bitcoin. However, investors face concentration risk tied to ETH's price, and Bitmine's significant stake raises questions about network governance and decentralization.
(Source：Crypto Briefing)