Bitmine Immersion Technologies (NYSE:BMNR) acquired 101,745 Ethereum (CRYPTO: ETH) last week, pushing total holdings to 5.18 million tokens worth $12.1 billion.

Bitmine Now Holds 4.29% Of Total ETH Supply

Bitmine’s 5.18 million ETH represents 4.29% of Ethereum’s total 120.7 million supply, making it 86% of the way to the “Alchemy of 5%” goal in just 10 months. 

The company also holds 200 Bitcoin (CRYPTO: BTC), $200 million in Beast Industries, $83 million in Eightco Holdings (NASDAQ:ORBS), and $700 million cash for total crypto and cash holdings of $13.1 billion.

Bitmine has staked 4.36 million ETH worth $10.2 billion at $2,336 per coin, more than any other entity in the world. 

At full scale, projected ETH staking rewards hit $352 million annually using a 2.91% seven-day yield. Annualized staking revenues currently run $297 million.

The company recently launched MAVAN, the Made in America Validator Network, as an institutional-grade staking platform originally developed for Bitmine’s own Ethereum treasury but expanding to serve institutional investors and custodians.

Tom Lee: Crypto Spring Has Commenced

Bitmine Chairman Tom Lee stated that Crypto Spring has commenced and like past cycles, investor sentiment remains muted and bearish even as crypto prices strengthen.

“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” Lee explained in the company’s announcement.

Moreover, In a separate interview, Lee highlighted that Wall Street is tokenizing assets with BlackRock and JP Morgan rebuilding their businesses on blockchain ledgers. 

He also noted that AI agents may rely on blockchain for microtransactions because traditional banking systems can’t provide the secure finality needed for payments.

BMNR Coiling At Critical Breakout Zone

Bitmine has been quietly coiling between $20 and $23 since February, forming a tight base after a 70% decline from October’s $65 highs. 

Currently trading at $22.42, price is pressing against the upper Bollinger Band at $23.26.

The Bollinger Band width is visibly contracting, signaling a volatility squeeze is approaching. 

The SMA at $21.79 is now acting as dynamic support with price riding above it, marking a subtle but important shift in character.

Support sits at $20.33 (lower band). Resistance clusters at $23.26 to $24.00. A clean daily close above $23.26 would confirm band breakout, targeting $28 to $32 in the near term.

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