BitMine’s Ethereum Stack Crosses 6M, While Strategy Taps MSTR Sales To Buy BTC And STRC

Crypto treasury companies continued to expand their digital-asset holdings last week, with BitMine Immersion Technologies (BMNR) crossing 6 million Ethereum (ETH) while Strategy (MSTR) and Strive (ASST) added to their Bitcoin (BTC) holdings.

BitMine’s Ethereum Stack Crosses 6 Million

BitMine said Monday that its Ethereum treasury reached 6 million, worth about $16.2 billion at $2,698 per token. The company now holds roughly 4.9% of Ethereum’s total supply. It acquired 17,362 ETH during the past week.

BitMine Chairman Tom Lee has set a goal of acquiring 5% of Ethereum’s total supply, a target the company calls the “Alchemy of 5%.” The latest holdings put BitMine about 98% of the way toward that goal.

More than 5.06 million ETH is currently staked through BitMine’s MAVAN platform and other staking partners, according to the company. BitMine said its projected annualized staking revenue is now about $358 million.

BMNR stock slid over 1% in the morning trade amid broader market weakness. On Stocktwits, retail sentiment around the Tom Lee-backed treasury fell to ‘bearish’ from ‘neutral’ over the past day.

Its underlying asset, Ethereum, saw its price edge 0.6% lower in the last 24 hours to around $2,600. Retail sentiment around the leading altcoin also edged lower over the past day, from ‘bullish’ to ‘neutral’ territory, over the past day.