BitMine repositions from Ethereum staking proxy toward retail distribution

Beincrypto reported that BitMine used its annual shareholder meeting in Las Vegas to reposition itself from an Ethereum staking proxy into a broader retail distribution and onboarding play. Management flagged an accelerated push to control 5% of Ethereum’s supply, saying the company already holds roughly 75% of the ETH needed (about 3.36% of supply), supported by close to $1 billion in cash and no debt.

BitMine is estimated to already generate $400 million to $430 million annually from staking rewards and cash yield; the company says reaching 5% would lift annual pre-tax income to roughly $540 million to $580 million, assuming flat prices, and its models show larger upside if Ethereum rises to $12,000.

The firm’s $200 million investment in Beast Industries was presented as a distribution strategy to build a retail DeFi onramp rather than a branding play; in a CNBC interview BitMine Chairman Tom Lee said, “It’s our view that Ethereum, which is a smart contract platform, is the future of finance, where digitalization of not only dollars but stocks and equities is going to take place.” Executives said the 5% threshold could be reached as early as this year and described BitMine as aiming to be a Berkshire-style holding company with Ethereum as the cash-generating base layer.

Key Topics

Crypto, Bitmine, Ethereum, Mrbeast, Beast Industries, Tom Lee