As of May 31, Bitmine has increased its Ethereum treasury to 5.42 million ETH, bringing it closer to becoming the holder of 5% of Ethereum’s overall supply.
According to a Bitmine press release, as of May 31, Bitmine has a current total ETH holdings of 5,416,901, which makes up approximately 4.49% of Ethereum’s overall total supply of 120.7 million tokens.
The total value of Bitmine’s cryptocurrency holdings, cash, and investments is around $11.6 billion. At press time, the coin is trading at $1,963.93 with a decrease of2.16% over the past 24 hours.
Bitmine Pushes Forward Toward Its Five Percent Ethereum Target
Tom Lee, chairman of Bitmine, said the company has acquired an additional 26,497 ETH in the past week, and he remains optimistic about achieving the so-called “Alchemy of 5%” by 2026.
This latest treasury update further strengthens Bitmine as one of the leading corporate holders of ETH. In addition to holding ETH, the firm has 203 BTC, an equity interest of $180 million in Beast Industries, an equity interest of $93 million in Eightco Holdings, and $446 million in cash.
Bitmine’s Staking Operations Continue To Grow
The firm announced that it has staked a total of 4,718,677 ETH or over 87 percent of its total ETH holding, using its validator infrastructure.
Lee states that the company generated a 7-day annualized yield of 2.73 percent from its current staking activities and that the company anticipates staking revenues of approximately $296 million when all of Bitmine’s ETH is staked on the staking network.
Also Read: Holdings Expands After Buying 111,942 ETH During Ethereum Price Dip
Ethereum Remains Under Technical Pressure
The company has been increasing its holdings of Ethereum while the price of Ethereum is under remains under pressure at higher time frames. Currently, the monthly ETH price charts show ETH trading just below the $2,000 mark, and the momentum indicators are very weak.
Ethereum continued to trade near the $2,000 mark on the monthly timeframe. The Relative Strength Index (RSI) was at 43.45, remaining below the neutral 50 level, while ETH traded beneath the Bollinger Bands basis, suggesting bullish momentum has yet to fully return.
However, the company’s management believes that Ethereum will thrive with the rise of blockchain tokenization initiatives and the growing need for public blockchain infrastructure.
The recent expansion of its treasury demonstrates the firm’s belief that Ethereum will have a strong long-term future, and the company is on track to grow to a 5 percent holding of all Ethereum.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Expands Ethereum Treasury to 5.28M ETH With 71,672 ETH Buy
