Bitmine increases Ethereum staking by $300 million

Bitmine, a NYSE-listed digital treasury company, is continuing its aggressive accumulation of Ethereum. According to Arkham Intelligence, the company added approximately $300 million in ETH to its staking protocol over the past week. Bitmine currently holds about 4.85% of the total ETH supply, with a stated goal of reaching 5%.

In the last week of trading alone, Bitmine purchased $14.25 million in Ethereum. The company's total treasury, consisting of crypto and cash, is valued at approximately $11.6 billion.

Separately, Fundstrat co-founder Tom Lee maintains a long-term price prediction for Ethereum of $12,000. This bullish outlook is supported by a perceived relaxation in Federal Reserve interest rate concerns, which tends to increase the attractiveness of risk assets like Ethereum.