Bitmine expands Ethereum treasury to 5.28 million ETH

Bitmine Immersion Technologies, a publicly traded company, has significantly expanded its corporate treasury of Ethereum, announcing it now holds over 5.28 million ETH. This position represents approximately 4.37% of the cryptocurrency's total circulating supply, solidifying its status as the world's largest corporate holder of Ethereum.

The company disclosed it acquired 71,672 ETH in the week leading up to May 17, citing the asset's recent price decline below $2,200 as an attractive buying opportunity. Thomas "Tom" Lee, the company's executive chairman, stated Bitmine is now 87% of the way toward its stated "Alchemy of 5" goal, which is to acquire 5% of Ethereum's total supply. Lee said the company expects to reach that target sometime in 2026.

A substantial majority of Bitmine's Ethereum holdings, 4.71 million tokens, are currently staked. The company reported this generates approximately $289 million in annualized staking revenue. Lee projected that figure could rise to $324 million annually once its entire ETH position is fully staked through its institutional-grade platform, the Made in America Validator Network (MAVAN). The platform was initially developed for Bitmine's...