BitMine Immersion Technologies (NYSE: $BMNR) says that more than 70% of its Ethereum (CRYPTO: $ETH) holdings have now been staked.
BitMine, the largest Ethereum treasury company in the world, says it staked $320 million U.S. worth of ETH over the last 24 hours and it is now generating yield for the company.
Staking is the process of locking up cryptocurrencies to help validate blockchain networks and transactions, rewarding users with additional crypto, often yielding 5% to 10% annually.
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Crypto staking is often likened to interest earned from a bank account.
BitMine has now staked approximately 3.5 million Ethereum, valued at $8.1 billion U.S., and representing 70.1% of its total holdings.
BitMine, led by Chairman Tom Lee, now owns a total of 5.08 million Ethereum, equivalent to 4.1% of the total ETH supply.
The company has a stated goal to own 5% of the world’s Ethereum supply. Lee has said that BitMine hopes to eventually earn $300 million U.S. a year from its staked ETH.
BMNR stock has declined 29% this year to trade at $22.11 U.S. per share.