Bitmine Immersion Technologies (BMNR) has increased its Ethereum (ETH) treasury to 5,805,238 ETH, representing 4.8% of the second-largest cryptocurrency's supply, the company said Monday.
The Ethereum treasury is worth roughly $11 billion, positioning Bitmine as the largest corporate ether holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy's $55 billion bitcoin position, according to a statement.
The latest figure marks an increase of 7,391 ETH over the prior week and places Bitmine 96% of the way toward its stated "alchemy of 5%" target, representing 5% of ether's 120.7 million circulating supply.
Of the total ETH held, 5,067,309 tokens, valued at $9.8 billion, are staked through the company's MAVAN platform and staking partners.
The company projects annualized staking revenues of $257 million.
