Bitmine increased its ETH holdings last week by 71,672 coins, bringing the total holding to 4,712,917 coins.

BlockBeats News, May 18th, publicly listed US company Bitmine Immersion Technologies (NYSE: BMNR) announced that it had accumulated an additional 71,672 ETH last week. Its ETH holdings have now increased to 4,712,917 ETH, with a total value of approximately $12.6 billion, representing 4.37% of the current Ethereum total supply of 120.7 million ETH. The company has completed about 87% of its goal to hold 5% of the ETH supply.

The announcement revealed that Bitmine currently has 4.7129 million ETH participating in staking, valued at approximately $10.3 billion based on an ETH price of $2,191.

In addition to ETH, the company also holds around $685 million in cash and other crypto assets. It disclosed holding about $83 million worth of shares in the Nasdaq-listed company Eightco (NASDAQ: ORBS), making it one of the few publicly traded companies that indirectly expose investors to OpenAI-related positions.

Bitmine stated that Ethereum continues to benefit from two major trends: "Wall Street asset tokenization" and the growing demand for open, neutral public blockchains by AI systems.

The company also mentioned that its subsidiary, MAVAN (Made in America Validator Network), is an Ethereum staking platform targeting institutional investors, with a focus on security, returns, and network resilience.

In terms of market performance, Bitmine stated that BMNR is currently ranked 133rd in US stock trading volume, with an average daily trading volume of about $857 million over the past 5 days. The company has received support from institutions and investors such as ARK Invest founder Cathie Wood, Founders Fund, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee.