Bitmine has greatly increased its Ethereum holdings, buying an extra 71,179 ETH (about $148 million) in the last week. This takes its overall holdings to almost 4.7 million ETH (about $9.8 billion), which is about 3.92% of the total supply, and it only took eight months to get there.

Tom Lee, the CEO, said that ETH has done better than gold by about 18% since the start of the U.S.–Iran war. He also said that the broader crypto market's potential to keep going may depend on oil prices stabilizing. He warned that if energy prices keep going up for a long time, it might put pressure on risk assets.

Bitmine has also released its own ETH staking platform, MAVAN, at the same time. The corporation is now staking around 66% of its assets, which brings in about $177 million a year. If fully used, staking returns might go up to almost $266 million a year.

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