Bitmine Adds 101,745 ETH As Holdings Hit 5.18m Tokens

Bitmine Immersion Technologies said its Ethereum holdings reached 5,180,131 ETH as of May 3. 

The company valued the position at $2,336 per ETH and said the holdings equal about 4.29% of the total ETH supply.

The company said its crypto, cash, and other listed holdings totaled $13.1 billion. That figure included 5.18 million ETH, 200 BTC, $700 million in cash, a $200 million stake in Beast Industries, and an $83 million stake in Eightco Holdings.

Tom Lee says ETH buying pace continued

Chairman Thomas “Tom” Lee said Bitmine acquired 101,745 ETH in the past week. He described the purchase as part of the company’s ongoing accumulation strategy.

Lee also said Bitmine had kept a faster ETH buying pace for four straight weeks. He stated that ETH was in the “final stages” of a “mini-crypto winter,” while linking the strategy to Ethereum’s role in tokenization and public blockchain use.

Meanwhile, Bitmine reported 4,362,757 staked ETH as of May 3. The company valued the staked position at about $10.2 billion, based on the same ETH price of $2,336.

The company said its MAVAN platform, short for Made in America Validator Network, was built to support its Ethereum treasury. Bitmine said the platform is also intended to serve institutional investors, custodians, and ecosystem partners seeking Ethereum staking services.

Lee said Bitmine’s annualized staking revenue had reached $297 million. He also said the company’s staked ETH represented more than 84% of its 5.18 million ETH holdings.

Ethereum Foundation sales add context

The latest Bitmine update followed another Ethereum Foundation sale to the company. Crypto.news reported that the foundation sold 10,000 ETH to Bitmine at an average price of $2,292 per coin, worth about $22.9 million.

The report said this was the foundation’s third over-the-counter sale to Bitmine in two months. It followed another 10,000 ETH sale one week earlier and a 5,000 ETH sale in March.

Crypto.news also reported that Bitmine had recently staked about $508 million worth of ETH, according to Arkham-tracked activity. At the time, Bitmine’s ETH holdings had crossed 5 million tokens, placing it among the largest institutional Ethereum holders.

Bitmine said it remains the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy. The company also said it is now 86% of the way toward its stated goal of holding 5% of total ETH supply.