Ethereum treasury Bitmine adds 71,672 ETH as stash hits 5.28M
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.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 Ethereums 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 Bitmines 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