BitMine, led by Tom Lee (톰 리), has lifted its ether holdings to 5.9 million, nearing a goal of securing 5 percent of circulating supply. Most of its holdings are staked, and an analysis suggests staking rewards alone could cover the remaining shortfall under current assumptions. Calculations vary with changes in overall ether supply and staking yields. The firm also faces choices on whether to hold or convert staking rewards into dollars.

Bitwise cut about 14 percent of its workforce, reducing headcount from around 180 to about 155. The layoffs come as weakness in the cryptocurrency market spreads to spot bitcoin ETF issuers. Bitwise manages more than 70 products and about $9 billion in assets, including a $2.3 billion spot bitcoin ETF. The spot bitcoin ETF market totals about $77.5 billion, but assets are concentrated in larger funds such as BlackRock’s IBIT and Fidelity’s FBTC.