Bitmine Hits 5.28M ETH as Institutions Drive Ethereum Inflows

Bitmine Immersion Technologies announced 5.28 million ETH holdings on May 18, representing 4.37% of supply with 4.71 million staked, marking the peak of a week-long institutional accumulation wave. The surge followed 3 million ETH withdrawn from Binance since early May, Jane Street’s $82 million rotation from Bitcoin ETFs into Ethereum products, Wells Fargo’s 63% stake increase to 1.1 million shares, and Intesa Sanpaolo doubling crypto exposure to $235 million with new ETH positions. Despite Ethereum Foundation unstaking 21,270 ETH and Harvard selling its entire $87 million stake, net exchange outflows continue to tighten supply with ETH trading near $2,316.