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- Bitmine now holds 5.815 million ETH worth about $11 billion, just 0.2% short of its 5% target.
- Ethereum staking activity remains strong, with Bitmine staking more than 5 million ETH.
- XRP’s stablecoin and tokenization growth is strong, but network activity and price performance remain weak.
Bitmine Immersion Technologies is closing in on a major Ethereum accumulation milestone, while XRP enters the third quarter with a very different challenge: strong growth in liquidity and tokenization that has yet to translate into greater network activity or price strength. The contrasting developments highlight how crypto markets can reward — or overlook — fundamentals in very different ways.
Bitmine pushes closer to its Ethereum target
Bitmine added another 9,926 ETH over the past week, lifting its holdings to 5.815 million ETH, valued at roughly $11 billion. The position represents about 4.8% of Ethereum’s circulating supply, leaving the company just 0.2 percentage points short of its stated “Alchemy of 5%” objective.
The company has also staked 5.067 million ETH, worth around $9.6 billion at an ETH price of $1,893. Chairman Tom Lee said the company’s staking position is larger than that of any other entity, with projected annualized rewards of approximately $287 million once its holdings are fully staked.
Bitmine is simultaneously pursuing a share-buyback strategy. It repurchased 1.7 million shares during the latest week, taking cumulative repurchases since July 1 above 20.8 million under a $4 billion authorization. The company was also added to the Russell 1000 Large-cap index on June 26, 2026.
Ethereum staking demand remains notable
Ethereum was trading near $1,899.70 at the time of the report, while Bitmine shares stood at $18.73 after declining 1.33% over 24 hours.
Validator activity also showed an interesting shift, with about 2.2 million ETH in the validator queue on August 17. A limited exit queue could indicate that more ETH is waiting to enter the validator set than leave it, potentially pointing to continued interest in staking.
Meanwhile, Sharplink, another major Ethereum treasury holder, had accumulated 868,699 ETH worth about $1.65 billion and generated 24,338 ETH in staking rewards.
XRP faces a different kind of test
XRP’s fundamentals tell a more complicated story. Stablecoin supply on the XRP Ledger rose 195.4% to $825.5 million, while tokenized real-world assets reached $4.46 billion. XRP-linked ETPs also attracted $253.6 million in inflows.
Yet network usage weakened. Payment volume fell 26.6% quarter over quarter, while transactions, active addresses and DEX activity also declined. XRP subsequently fell 22% during the quarter.
RLUSD offers a potential catalyst, with its market capitalization approaching $880 million and accounting for a large share of XRPL’s stablecoin market. However, Q3 transactions currently stand at about 87 million, far below Q2’s 222 million.
Also Read: Tom Lee Reveals Why BitMine Can Survive Any Crypto Winter—and Win Big on Ethereum
Bitmine’s aggressive Ethereum accumulation contrasts sharply with XRP’s fundamental-technical disconnect. Ethereum is seeing continued institutional-style accumulation and staking, while XRP’s expanding liquidity and tokenization ecosystem still needs stronger usage to convince the market. If that gap persists, XRP could face another difficult quarter even as its underlying infrastructure continues to grow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
