Bitmine add 26,497 ETH, treasury wey heavy on staking dey target 5% of supply
Bitmine Immersion Technologies (NYSE: BMNR) talk say dem buy 26,497 ETH last week, make their total ETH holdings reach 5.42M tokens. Dat position be about 4.49% of Ethereum total supply wey be 120.7M, putting the company roughly 90% to their “Alchemy of 5%” accumulation target wey dem expect to hit sometime in 2026.
The company also report say dem don stake 4.72M ETH—more than 87% of their ETH position. Using ETH price of about $2,003, Bitmine value all holdings (crypto + cash and other positions) at about $11.6B as of May 31. Dem estimate annual staking revenue of $258M, fit reach up to $296M if all ETH to be fully staked.
Bitmine add say ETH market price no show wetin dem see as stronger Ethereum fundamentals. Traders fit view the ongoing ETH accumulation and heavy staking as positive for sentiment, but near-term ETH price movement still depend on broader technical levels (especially resistance around ~$2,500) and volatility.
Bullish
Di update dey directly ETH-positive for di supply/demand story. Bitmine new ETH buys and especially as dem stake most of dia ETH treasury dey reinforce steady demand for ETH, we fit support sentiment and reduce near-term circulating pressure.
But both summaries dey flag say dis one no be immediate price trigger by itself. Near-term ETH trading go still likely follow technical conditions and broader risk appetite. Na why di impact dey skew bullish but conditional: stronger confidence for ETH holders, while entry timing fit depend on whether ETH clear key resistance (around ~$2,500) amid volatility.