BitMine deployed $250 million to acquire 5.4 million ETH on June 30, 2025, staking 87% to generate $276 million in annualized revenue. Since launch, ETH is down 21.45% while rival Hyperliquid’s HYPE token is up 67.82%, representing a potential $44 billion opportunity cost.
On June 30, 2025, BitMine launched a $250 million private placement to acquire 5.4 million ETH, representing roughly 5% of the circulating supply. Under chairman Tom Lee, the mandate emphasized staking yield and liquidity over chasing the top-performing token.
BitMine has staked approximately 87% of its Ethereum on its MAVAN platform, generating about $276 million in annualized revenue. Since the initial purchase, ETH’s value has declined by 21.45%, testing the conviction behind the strategy.
Over the same period, Hyperliquid’s HYPE token has rallied by 67.82%, driven by a $1.16 billion fee-funded buyback program and a $14.9 billion market capitalization. The comparison highlights the performance gap between settlement-layer assets and exchange-native tokens.
Had BitMine allocated its treasury to HYPE instead, unrealized gains would exceed $44 billion, underscoring a significant opportunity cost. The outcome will shape investor sentiment and inform future adjustments to BitMine’s asset allocation strategy.
