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Bitmine's Ethereum stash rises to 5.54 million ETH, closing in on its 5% supply goal

Bitmine Immersion Technologies said its Ethereum holdings climbed to 5,543,872 ETH as of June 7, an increase of 126,971 ETH from the prior week, according to CoinMarketCap. Using the company's internal reference price of $1,630 per ETH, the position is valued at about $9.04 billion, bringing Bitmine closer to its stated objective of holding 5% of Ethereum's supply. Bitmine said its ETH position now represents roughly 4.59% of the estimated circulating supply, which it puts at 120.7 million ETH. That compares with 4.49% a week earlier. Management said it has reached about 92% of the 5% target and expects to hit the full level by 2026. Alongside ETH, the company reported holding 204 bitcoins, about $247 million in cash, and equity stakes in Beast Industries and Eightco. Bitmine also disclosed that 4,718,677 ETH have been staked, representing more than 85% of total ETH holdings. At the same reference price, the staked portion would be worth roughly $7.7 billion. The company said staking has been carried out primarily through its proprietary Made in America Validator Network (MAVAN) as well as partner platforms. Chairman Tom Lee said the current scale implies annualized staking income of about $230 million. Bitmine reported a 7-day annualized staking yield of 2.99%. If all ETH holdings are ultimately staked via MAVAN and partners, annualized rewards could increase to around $270 million. Bitmine linked its Ethereum treasury strategy to tokenized financial assets and AI-driven systems designed to expand public-chain usage, while noting these comments reflect management's forward-looking views. The company also said it is currently the largest disclosed holder of Ethereum; among publicly disclosed crypto treasury companies, it ranks second only to Strategy. Bitmine added that the disclosure uses an internal reference price rather than the real-time market price at the time of release, meaning the U.S. dollar value of its position will fluctuate with ETH prices.
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