Bitmine Immersion Technologies added 71,672 Ethereum in one week, raising its holdings to 5.28 million ETH as the company moves closer to its 5% supply target.
Summary
- Bitmine now holds 5.28 million Ethereum tokens, equal to 4.37% of total ETH supply.
- The company added 71,672 ETH in one week as prices traded below its cited $2,200 level.
- Bitmine has staked 4.71 million ETH, creating estimated annualized staking revenue of $289 million.
Bitmine said its Ethereum holdings reached 5,278,462 ETH as of May 17 at 4:00 p.m. ET. The company valued the position at $2,191 per ETH and said the total represented 4.37% of Ethereum’s 120.7 million token supply.
Chairman Thomas “Tom” Lee said the company bought 71,672 ETH over the past week. He said “the recent pullback” below $2,200 made the asset attractive for Bitmine’s treasury plan.
The latest update shows Bitmine is now 87% of the way to its “Alchemy of 5%” target. The company wants to acquire 5% of Ethereum supply over time, making ETH its main treasury reserve asset.
How much Ethereum has Bitmine staked?
Bitmine also said it has staked 4,712,917 ETH, valued at about $10.3 billion using the same $2,191 ETH price. That means more than 89% of its 5.28 million ETH position is now staked.
Lee said annualized staking revenue has reached $289 million. He also said projected staking rewards could reach $324 million a year if Bitmine fully stakes its ETH through MAVAN and partner platforms, using a 2.80% seven-day annualized yield.
Additionally, Bitmine launched MAVAN, its Made in America Validator Network, as an institutional-grade staking platform. The company said the platform was first built for its own Ethereum treasury but may later serve institutions, custodians and ecosystem partners.
Earlier crypto.news coverage reported that Bitmine had already staked 4,712,917 ETH as of May 10, making it the largest ETH staker among public companies globally. That report also said the firm’s total crypto, cash and equity holdings stood at $13.4 billion at the time.
What is the wider Ethereum market context?
Bitmine remains the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy, according to the company’s latest statement. The firm also held 202 Bitcoin, $685 million in cash, a $200 million Beast Industries stake and an $83 million Eightco stake.
The update comes while Ethereum faces wider market pressure. crypto.news reported that ETH fell near $2,100 after Lee linked selling pressure to rising oil prices, while ETF outflows, whale deposits and higher exchange reserves added more near-term pressure.