Bitcoin Ether Holdings reached 5.54M ETH after the latest purchase
Bitmain Immersion Technologies has increased its Ether holdings to 5.54 million ETH after buying nearly 127,000 tokens last week.
The company says it has reached 92% of its goal of acquiring 5% of Ethereum's total supply, a strategy it calls “5% alchemy.” He added that 4.72 million ETH (ETH) or 85% of its holdings are currently held by Validator Infrastructure, which is currently valued at approximately $7.7 billion.
Bitmin estimates $230 million in annual equity revenue from its current ETH position, with the reward potentially rising to $270 million if the stake is fully acquired through MAVAN and other partners.
Despite the broader crypto market's comeback, Bitmine chairman Tom Lee said advances in artificial intelligence could increase demand for public blockchains like Ethereum (ETH).
At the time of publication, according to CoinMarketCap data, the global crypto market has reached $2.19 trillion. That's down from $2.69 trillion on May 9.
In the year As of June 7, Bitcoin has 5,543,872 ETH and 204 Bitcoin (BTC), along with $247 million in cash and equity stakes in Beast Industries and Eightco Holdings.
According to CoinGecko data, Bitmine is the largest Ether treasury company among the 32 public entities monitored by the platform. Its holdings of 5.54 million ETH are more than six times that of second-tier Sharplink, which holds 868,699 ETH.
Top Ethereum Treasury Companies. Source: CoinGecko
Shares of Bitmine rose more than 6% on Monday, although the stock is down about 38% year-to-date, according to Yahoo Finance data. The company had a market capitalization of about $9.59 billion.
Source: Yahoo Finance
Related: ETH drops to 13-month low on Zcash bug, Bitcoin below $60K: Is $1.4K next?
While bitumen accumulation continues, ether is under pressure.
As Bitcoin aggressively expands its coffers, it's been a rough year for Ether, the second-largest cryptocurrency by market capitalization. According to CoinGecko data, ETH has fallen by more than 43%, falling from more than $3,000 to $1,685 in January.
Source: CoinGecko
Some large holdings have reduced their exposure during the downturn. In May, the Ethereum Foundation sold 20,000 ETH in two over-the-counter transactions for a total of approximately $46.8 million. The sale follows an earlier deal of 5,000 ETH in March, bringing the foundation's total ETH sold this year to 25,000 ETH.
The cryptocurrency's poor price performance has prompted some long-time Ethereum supporters to reassess their investment outlook. In May, the bankless founder, David Hoffman, said he had sold his remaining Ether holdings, arguing that the long-standing “ETH is Money” thesis had largely played out.
Hoffman said he remains bullish on Ethereum as a network, but believes much of its future growth may not be reflected in the picture. Layer-2 networks and other ecosystem participants will account for a significant portion of the economic value created on the blockchain, he said.
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