Hacks, exploits, rug pulls, and why “code is law” is not the moral upgrade people think it is

The digital economy promised something almost utopian: open markets without gatekeepers, financial systems run by transparent code, and trust replaced by mathematics. No bankers, no brokers, no middlemen—just smart contracts doing exactly what they’re told.

And that’s the problem.

Because in the real world, “exactly what you’re told” can still be a disaster if what you told the system was… wrong, malicious, or cleverly exploited.

The digital economy didn’t remove risk. It redistributed it. Sometimes into very sharp, very expensive corners.

1. Hacks, exploits, and the illusion of “secure by design.”

In traditional finance, security failures usually involve people: insider fraud, weak compliance, and bad auditing. In decentralized systems, the attack surface shifts from people to code, and code is brutally literal.

A smart contract doesn’t “interpret intent.” It executes logic. If that logic has a flaw, it doesn’t hesitate. It doesn’t raise a ticket. It just gets drained.

This is why DeFi history reads like a highlight reel of expensive mistakes:

• Flash loan exploits that drain liquidity pools in seconds
• Reentrancy bugs that turn “yield protocols” into ATMs—for attackers
• Oracle manipulation where prices are tricked into lying
• Governance attacks where voting power becomes a weapon instead of a democratic tool

And the most uncomfortable truth? Many of these weren’t obscure edge cases. They were known classes of problems. The kind of bugs you could explain in a security lecture… right before losing $50 million to them.

The digital economy runs on composability—protocols stacking on top of protocols like financial LEGO. That’s powerful. It’s also how a small crack in one brick can bring down a very expensive tower.

The myth is “code is secure because it’s transparent.”
The reality is “code is attackable because it’s transparent.”

2. Rug pulls vs legitimate experimentation

Not everything that collapses in crypto is a scam. But not everything is innocent either.

A rug pull is straightforward: creators build hype, attract liquidity, and disappear with the funds. It’s financial stage magic—now you see your money, now you don’t.

But the grey area is where things get interesting—and messy.

Many projects aren’t malicious in the cartoon-villain sense. They’re experiments running on live capital:

• Unproven tokenomics models
• Incentive systems that look good in theory but break under real behavior
• Early-stage teams learning in public, sometimes at users’ expense
• Governance systems that sound decentralized but are quietly controlled

So where’s the line?

If you’re honest, it’s often invisible until after the damage is done.

This is the uncomfortable duality of the digital economy:

• On one side: innovation happens faster than anywhere else in finance
• On the other: failure also happens faster, and more publicly

Traditional finance at least forces you to sit through paperwork before losing money. DeFi lets you lose money in real time, globally, in a single block confirmation.

The worst part? Some users prefer the chaos because it also moves faster. Risk becomes a feature, not a bug.

That’s not necessarily wrong—but it is dangerous when people confuse speed with safety.

3. Why “code is law” is powerful—and deeply incomplete

“Code is law” is one of the most iconic phrases in blockchain culture. It means smart contracts execute rules automatically, without subjective interference.

No corruption. No favoritism. No human discretion.

Sounds clean. Almost elegant.

But here’s the catch: law in human society isn’t just execution—it’s interpretation, correction, and context.

Code doesn’t do context.

Let’s say a traditional legal system sees:

• Fraud → intent matters
• Accident → intent matters
• Emergency → intent matters

Code sees:

• Conditions met → execute
• Conditions not met → do nothing

That rigidity is both its superpower and its weakness.

The power side:

• Predictable execution
• No arbitrary intervention
• Global accessibility
• Reduced reliance on centralized authorities

This is why decentralized finance became so attractive in the first place. It removed layers of permission and replaced them with deterministic rules.

The dangerous side:

• No mercy for edge cases
• No built-in ethical override
• No safety valve when assumptions break
• No distinction between exploit and legitimate use

In other words, code doesn’t care if you “meant well.” It only cares if you were allowed.

And attackers understand this better than anyone.

4. The real risk: systems that are correct but not safe

The most misunderstood idea in digital finance is this:

A system can be functioning exactly as designed—and still be catastrophically unsafe.

That’s where most people get blindsided.

In traditional systems, failure often comes from breaking rules.
In smart contract systems, failure often comes from following rules too perfectly.

This creates a strange inversion:

• In old finance, human discretion is the risk
• In DeFi, a lack of discretion is the risk

Neither is perfect. But only one of them can be exploited at machine speed with global liquidity.

5. So what actually protects users?

Spoiler: it’s not just audits.

Audits help, but they’re more like seatbelts than force fields. They reduce damage; they don’t prevent crashes.

Real protection comes from layered defenses:

• Conservative protocol design (boring is good)
• Gradual decentralization instead of instant governance handoffs
• Bug bounties that actually attract serious researchers
• Time delays on critical functions (the “pause button” nobody wants until they need it)
• Transparent risk disclosure that users can actually understand

And maybe the hardest one:

• Cultural maturity—knowing when not to chase yield that looks suspiciously like free money

Because in this space, “too good to be true” is not a warning—it’s a category.

6. The uncomfortable conclusion

The digital economy didn’t eliminate trust. It just moved it.

Instead of trusting institutions, we now trust:

• Developers writing contracts
• Auditors reviewing code
• Token designers modeling incentives
• Communities governing systems they barely understand

That’s not inherently worse. It’s just different—and faster, sharper, and less forgiving.

“Code is law” is a powerful idea. But law without interpretation becomes rigidity. And rigidity, at scale, becomes fragility.

The real future of digital finance probably isn’t pure decentralization or pure centralization.

It’s hybrid systems that admit something uncomfortable:

Code enforces rules.
Humans still understand consequences.

And until the ecosystem fully respects that difference, the dark side of the digital economy won’t be an exception.

It’ll be a recurring feature—just with better branding each cycle.

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Key Highlights

• Anthropic has announced a joint venture worth approximately $1.5 billion with Blackstone, Goldman Sachs, Hellman & Friedman, and General Atlantic to distribute AI solutions to companies owned by private equity firms.
• Leading partners Anthropic, Blackstone, and Hellman & Friedman are each investing roughly $300 million, while Goldman Sachs is contributing approximately $150 million.
• The newly formed entity will integrate Claude AI technology into portfolio businesses spanning healthcare, logistics, financial services, and manufacturing sectors.
• Anthropic’s revenue run rate on an annualized basis jumped from approximately $9 billion at the close of 2025 to over $30 billion by the end of March 2026.
• This development coincides with Anthropic pursuing a funding round that could value the company above $900 billion and exploring a possible IPO as soon as October.

Anthropic announced on Monday the creation of a new enterprise-focused AI services company in collaboration with Blackstone (BX), Goldman Sachs (GS), Hellman & Friedman, and several other institutional investors, representing a total investment of approximately $1.5 billion.

This newly established entity operates as an independent company featuring dedicated Anthropic engineering teams and partnership capabilities integrated into its organizational structure. The venture’s primary objective is to integrate Claude AI into the operational workflows of mid-sized enterprises within the participating private equity firms’ investment portfolios.

Primary partners Anthropic, Blackstone, and Hellman & Friedman have each committed roughly $300 million to the initiative. Goldman Sachs joins as a founding investor with an investment of approximately $150 million. Additional backing comes from General Atlantic, Leonard Green, Apollo Global Management, GIC, and Sequoia Capital.

The strategic framework is purposeful. Private equity firms manage extensive portfolios of companies facing continuous pressure to optimize expenses and enhance operational efficiency — precisely the scenarios where AI implementation proposals gain traction.

Dedicated Applied AI engineers from Anthropic will work alongside the new firm’s personnel. Their responsibilities include pinpointing optimal use cases for Claude, developing tailored solutions, and providing ongoing client support, according to Anthropic’s official announcement.

Anthropic CFO Krishna Rao commented that enterprise appetite for Claude is “significantly outpacing any single delivery model,” noting that the new venture introduces “additional operating capability to the ecosystem.”

Blackstone COO Jon Gray stated the collaborators plan to establish “a scaled, world-class company” to implement Anthropic’s technology throughout portfolio companies and beyond.

Competing With OpenAI

This partnership places Anthropic in direct rivalry with OpenAI, which is developing a comparable initiative called DeployCo. That enterprise has secured support from TPG, Bain Capital, Advent International, Brookfield, and Goanna Capital. OpenAI has pledged $500 million to DeployCo, with provisions to contribute an additional $1 billion, while the five private equity supporters collectively invested approximately $4 billion. DeployCo is pursuing a $10 billion valuation.

Bloomberg reported separately on Monday that OpenAI is approaching completion of a deal for its own parallel venture, indicating that the competition for private equity-backed AI deployments is intensifying rapidly.

Anthropic has established a more robust presence in the enterprise market to date, although The Wall Street Journal observed that OpenAI is actively working to narrow that advantage.

Anthropic’s Revenue Surge

Anthropic’s annualized revenue run rate escalated from approximately $9 billion at the conclusion of 2025 to exceed $30 billion by late March 2026. The company attributes a substantial portion of this expansion to AI-powered coding solutions, particularly Claude Code.

The joint venture disclosure comes at a critical juncture for the organization. Anthropic is evaluating investor proposals for a new funding round that would establish its valuation above $900 billion — positioning it as the world’s most valuable AI startup, exceeding OpenAI’s most recent valuation of $852 billion.

The anticipated funding round is projected to range between $40 billion and $50 billion. A board meeting scheduled for May will likely decide whether Anthropic proceeds with the round and under what conditions.

Bloomberg has also reported that Anthropic is considering a public market debut that could materialize as early as October.

Key Takeaways

• Precious metal prices declined by up to 1.9%, hovering near $4,562–$4,571 per ounce during Monday’s session
• President Trump unveiled “Project Freedom” to facilitate maritime passage through the Strait of Hormuz
• Tehran’s naval forces reported repelling American warships and issued stern warnings against unapproved transit
• Dollar strength combined with petroleum-fueled inflation is driving monetary authorities toward tighter policy, creating headwinds for bullion
• Global monetary authorities purchased gold at the quickest rate in more than twelve months during the first quarter, signaling sustained appetite

Precious metal markets experienced significant selling pressure Monday as market participants monitored the deteriorating relationship between Washington and Tehran concerning the strategically vital Strait of Hormuz waterway.

Spot bullion plummeted as much as 1.9% during intraday trading before moderating to approximately 1.1% lower, settling within the $4,562–$4,571 range per ounce in London markets. Futures contracts similarly declined 1.5% to reach $4,573.94.

The selloff followed President Donald Trump’s weekend announcement of “Project Freedom,” an initiative designed to restore commercial shipping operations through the Strait of Hormuz, a critical chokepoint controlling approximately one-fifth of global petroleum flows.

The administration indicated it would commence escorting vessels uninvolved in the Iranian dispute through the waterway beginning Monday, though specific operational details remained scarce.

Iranian authorities responded forcefully. Tehran’s naval command asserted it had successfully repelled hostile vessels following what officials described as a “swift and decisive warning.” However, US Central Command maintained that no American naval assets sustained damage.

An unidentified Iranian official told government-affiliated media outlets that the Islamic Republic “will not be bullied” and maintained contingency plans ready for immediate deployment if circumstances warrant. Iran’s military apparatus additionally cautioned that commercial traffic attempting strait passage without Iranian armed forces authorization does so at significant risk.

The Associated Press documented that the American-led Joint Maritime Information Center established an “enhanced security area” positioned south of conventional shipping corridors. Officials characterized standard routes traversing the strait as “extremely hazardous” because of naval ordnance that remains incompletely removed.

Petroleum Surge and Inflation Concerns Weigh on Bullion

Brent crude benchmark contracts rebounded above $110 per barrel Monday. Petroleum valuations have maintained substantial premiums relative to pre-conflict levels since hostilities commenced in late February, amplifying worldwide inflation anxieties.

Elevated oil prices are compelling monetary authorities toward restrictive policy frameworks. Because gold generates no yield, it typically underperforms during periods of ascending interest rates.

The American dollar also appreciated Monday, compounding downward pressure on precious metals. Currency strength makes dollar-denominated gold costlier for international purchasers, potentially dampening acquisition activity.

Manav Modi, commodities specialist at Motilal Oswal Financial Services, indicated that dollar resilience coupled with petroleum-driven inflation concerns are eliciting hawkish rhetoric from principal central banking institutions.

Bullion has now surrendered approximately 12% since hostilities erupted at February’s conclusion.

Fundamental Demand Remains Robust

Notwithstanding recent price deterioration, certain market observers maintain constructive views regarding gold’s extended-horizon prospects.

The World Gold Council documented that monetary authorities expanded their bullion reserves at the most aggressive tempo in over twelve months throughout the initial quarter.

Tether Holdings has likewise continued accumulation activity that has positioned it as the world’s largest identified non-banking, non-sovereign gold repository.

Market participants this week will monitor the Treasury Department’s financing announcements, Federal Reserve official commentary, and the monthly employment data for indications regarding the trajectory of borrowing costs.

World Liberty Financial, the cryptocurrency company affiliated with U.S. President Donald Trump and his family, filed a defamation lawsuit against Tron creator Justin Sun in a Florida state court Monday, alleging “gross misconduct” from Sun over WLFI tokens he bought.

The lawsuit comes on the heels of Sun’s own lawsuit against World Liberty, which was filed in a federal California court, alleging World Liberty had unfairly frozen his ability to transfer his WLFI tokens. In Monday’s suit, World Liberty alleged that Sun-related entities bought WLFI tokens for other investors through straw purchases and may have “engaged in short selling” of the token.

World Liberty froze Sun’s WLFI tokens “to protect” itself “and the broader community as a result, the lawsuit said, adding that Sun’s tweets complaining about his tokens being frozen contain false or defamatory information.

Sun allegedly hired influencers and used bots to “amplify his lies,” World Liberty claimed, and as a result the company said it had “lost specific business opportunities.”

Many portions of the lawsuit were redacted, including portions describing Sun’s purchase of the tokens and sections about his alleged misconduct.

This alleged misconduct includes what World Liberty describes as “a large, deliberate, short-selling campaign designed to suppress $WLFI’s price at the moment of its public launch,” which the suit tied to Sun-affiliated wallets moving $300 million to Binance.

“Upon discovering these violations, World Liberty exercised its contractual rights to freeze Sun’s entities’ tokens to prevent further harm to World Liberty and the broader $WLFI community, an ability that Sun knew about well before this action was taken,” the lawsuit said.

One issue Sun knew about prior to his tweets was that World Liberty had the ability to freeze tokens, the suit said throughout the filing.

“Not only was Sun aware of the agreements’ terms, but Sun also knew through his personal experience that the defamatory statements were false because he (and the public) knew that World Liberty had the power to restrict the transferability of tokens,” the suit said.

The suit alleged defamation and calls for damages, expenses and retraction of Sun’s statements.

Bitget’s CFD platform has logged a record $8B day, with gold-linked contracts driving 95% of the jump as Chinese-speaking, European, and Southeast Asian traders pile into metals.

Bitget reported that daily trading volume on its CFD segment has broken through $8 billion, extending a run that saw the platform first pass $2 billion in early 2025 and then $6 billion in March 2026 as its multi-asset strategy gained traction.

Gold demand powers new CFD record

According to the exchange, the latest record has been “driven by the global macroeconomic environment and asset allocation needs,” with gold-linked contracts contributing about 95% of the increase in volume and emerging as the “core engine” behind the cross-asset spike.

Bitget pointed to heightened volatility in precious metals and commodities — influenced by geopolitical risk, inflation concerns, and shifting rate expectations — as key catalysts for traders rotating into XAU and other non-crypto products via its CFD offering.

On a regional basis, the platform said Chinese-speaking markets accounted for 42% of the incremental trading volume, the European market provided 27%, and Southeast Asia added 16%, meaning those three regions together generated 85% of the latest leg higher.

The remaining 15% of incremental volume came from other regions including Latin America and the Middle East, where Bitget has been rolling out localized campaigns to push its “Universal Exchange” positioning that combines crypto, CFDs, and copy trading.

UEX model links crypto capital to TradFi markets

Bitget’s CFD business is built on what it calls the UEX panoramic model, which lets users trade commodities, precious metals, foreign exchange, and stock indices using USDT as collateral, all from the same account they already use for spot and derivatives in crypto.

In practice, that means a trader can move from, say, BTC perpetual futures to XAUUSD gold CFDs, WTI oil, or major FX pairs without wiring fiat or opening a separate brokerage, using a single USDT margin pool to express macro views across asset classes.

Earlier milestones showed how quickly that model has scaled: Bitget’s TradFi platform hit $2 billion per-day volume on launch week, then reached a $6 billion daily CFD record in March as demand for gold, oil, and indices climbed on macro volatility.

A recent crypto.news recap described the CFD unit as “a key pillar” of Bitget’s push to become a universal exchange, noting that the platform aims to make it “as easy to trade gold, silver, indices, and forex as it is to trade crypto” using USDT margin.

Another crypto.news feature highlighted that the exchange is betting macro traders will increasingly “park capital in stablecoins and move between crypto and traditional markets without leaving the Bitget ecosystem.”

A separate crypto.news overview focused on how surging gold demand drove Bitget’s earlier $2 billion-per-day TradFi volumes, a dynamic now magnified at the $8 billion CFD level as metals again lead risk-off flows.

Key Takeaways

• Tyson Foods delivered adjusted EPS of $0.87, surpassing analyst expectations of $0.78
• Total revenue reached $13.65 billion, reflecting 4.4% year-over-year growth and exceeding projections
• Chicken division generated $523 million in operating income; Prepared Foods contributed $352 million
• Beef division recorded an adjusted operating loss of $202 million, with volumes declining 13%
• TSN shares climbed approximately 2% during premarket hours; the stock had already advanced 8.6% year-to-date before Monday

Tyson Foods (TSN) shares advanced Monday morning following the release of its fiscal second-quarter financial results that exceeded Wall Street’s projections.

The company’s adjusted earnings per share reached $0.87, comfortably beating analyst consensus of $0.78. While this figure represented a modest decline from $0.92 reported in the prior-year period, investors responded positively to the outperformance.

Quarterly revenue increased 4.4% year-over-year to $13.65 billion, surpassing Street expectations that ranged between $13.61 billion and $13.63 billion. TSN shares were up approximately 2% in premarket activity.

Tyson Foods, Inc., TSN

The stock had demonstrated solid momentum heading into the earnings announcement, posting an 8.6% gain year-to-date through Friday’s market close.

Chicken and Prepared Foods Segments Shine

Two business divisions stood out as clear performers during the quarter: Chicken and Prepared Foods. The Chicken segment produced adjusted operating income of $523 million, translating to a healthy 12.2% profit margin. The Prepared Foods unit contributed $352 million with an impressive 14.0% margin.

CEO Donnie King attributed the strong performance to “sustained market demand for protein.” Both divisions experienced growth in both volume and pricing metrics.

The Prepared Foods segment’s revenue performance also exceeded analyst projections, reinforcing the overall positive narrative surrounding the quarterly report.

Beef Division Continues to Struggle

The Beef segment remains a significant challenge for the company. This division registered an adjusted operating loss of $202 million during the reporting period.

Beef sales volume plummeted 13% compared to the same quarter last year. Elevated pricing continues to dampen consumer demand, creating visible strain on the segment’s financial performance.

Looking ahead to the complete fiscal year 2026, Tyson anticipates the Beef segment will generate an adjusted operating loss ranging from $350 million to $500 million.

The Pork division fared better, posting gains in both volume and pricing during the quarter.

The performance divergence across segments is striking. The strength in Chicken and Prepared Foods is effectively offsetting the weakness emanating from the Beef business.

Strong Financial Position and Future Outlook

Tyson achieved a $747 million reduction in total debt during the first half of fiscal 2026. The company’s liquidity position stood at $3.7 billion as of March 28, 2026.

Free cash flow generation for the initial six months totaled $432 million, representing a $50 million improvement compared to the corresponding period in the previous year.

For fiscal 2026, management targets free cash flow between $1.2 billion and $1.8 billion, while capital expenditures are projected to fall within a range of $0.7 billion to $1.0 billion.

The company anticipates full-year sales growth of 2% to 4% relative to fiscal 2025 performance.

Total adjusted operating income guidance for fiscal 2026 stands at $2.2 billion to $2.4 billion.

The Chicken segment by itself is expected to deliver adjusted operating income of $1.9 billion to $2.05 billion throughout the year.

Prepared Foods is forecast to generate between $1.25 billion and $1.35 billion for fiscal 2026.

Tyson’s balance sheet improvement efforts appear to be yielding results. The $747 million debt reduction achieved within a six-month timeframe represents meaningful progress.

The company’s substantial $3.7 billion liquidity cushion provides management with financial flexibility to navigate the persistent challenges in the Beef division.

Key Highlights

• U.S. equity futures declined Monday following Iranian media claims of missile attacks on an American naval vessel in the Strait of Hormuz region
• Pentagon officials refuted the Iranian state media claims, helping to stabilize early morning volatility
• Crude oil prices jumped more than 3%, with Brent crude approaching $112 per barrel
• President Trump unveiled “Project Freedom” to provide naval escorts through the strategic waterway; Tehran issued counter-threats
• Friday’s April employment report is anticipated to show only 60,000 jobs added

Equity futures in the United States tumbled Monday morning following claims by Iranian state-controlled media outlets that missiles had targeted an American warship operating near the Strait of Hormuz. The allegations sparked immediate market volatility before U.S. officials issued denials.

Contracts linked to the Dow Jones Industrial Average declined approximately 204 points, representing a 0.4% decrease. Futures on the S&P 500 dropped 0.2%, while Nasdaq 100 contracts shed 0.1%.

Both the S&P 500 and Nasdaq had achieved fresh all-time highs during Friday’s session, completing their strongest five-week stretch since May 2020. That bullish momentum faced headwinds Monday morning as geopolitical concerns took center stage.

Iran’s Fars News Agency reported that two missiles impacted a U.S. frigate after the vessel allegedly disregarded warnings against entering the Strait of Hormuz. U.S. Central Command responded via X, stating definitively that no naval vessels had sustained damage.

The official denial helped restore some market confidence, though lingering uncertainty persisted. Market participants rotated toward traditional safe-haven positions, driving the U.S. dollar index 0.3% higher against major global currencies.

Yields on 10-year Treasury notes advanced 4 basis points to reach 4.41%, reflecting investor appetite for lower-risk government securities.

Crude Oil Markets Rally on Transportation Concerns

Oil markets demonstrated significant sensitivity to the developing situation. Brent crude futures surged 3.4% to reach $111.80 per barrel. West Texas Intermediate increased 3.5% to $105.35 per barrel during morning trade.

The Strait of Hormuz represents one of the planet’s most critical maritime chokepoints. Approximately one-fifth of global petroleum supplies transit through this narrow passage, making any military escalation there an immediate concern for energy traders worldwide.

“Project Freedom” Initiative Heightens Regional Tensions

Over the weekend, President Trump announced the United States would commence naval escort operations for commercial vessels stranded in the contested waterway. The initiative was designated “Project Freedom.”

The President issued warnings via social media that any attempts to disrupt the operation would face “forceful” responses. Iranian officials countered with their own threats against American naval assets in regional waters.

The escalating rhetoric between Washington and Tehran elevated the probability of direct military engagement and maintained pressure on trading desks throughout the morning.

On the corporate earnings front, several notable companies are scheduled to release quarterly results this week. Technology sector reports will come from semiconductor firms Lattice Semiconductor, Advanced Micro Devices, and Arm Holdings.

Palantir and Paramount Skydance are also slated to announce earnings in the coming days.

Friday will bring the April employment situation report from the Bureau of Labor Statistics. Economic forecasters project merely 60,000 new positions were created during the month, representing a significant deceleration from March’s 178,000 additions. The unemployment rate is projected to remain unchanged at 4.3%.

The swift denial issued by U.S. Central Command regarding the Iranian strike allegations proved instrumental in preventing additional declines in futures contracts during early Monday trading activity.

Bitmine Immersion Technologies said its Ethereum holdings reached 5,180,131 ETH as of May 3. 

The company valued the position at $2,336 per ETH and said the holdings equal about 4.29% of the total ETH supply.

The company said its crypto, cash, and other listed holdings totaled $13.1 billion. That figure included 5.18 million ETH, 200 BTC, $700 million in cash, a $200 million stake in Beast Industries, and an $83 million stake in Eightco Holdings.

Tom Lee says ETH buying pace continued

Chairman Thomas “Tom” Lee said Bitmine acquired 101,745 ETH in the past week. He described the purchase as part of the company’s ongoing accumulation strategy.

Lee also said Bitmine had kept a faster ETH buying pace for four straight weeks. He stated that ETH was in the “final stages” of a “mini-crypto winter,” while linking the strategy to Ethereum’s role in tokenization and public blockchain use.

Meanwhile, Bitmine reported 4,362,757 staked ETH as of May 3. The company valued the staked position at about $10.2 billion, based on the same ETH price of $2,336.

The company said its MAVAN platform, short for Made in America Validator Network, was built to support its Ethereum treasury. Bitmine said the platform is also intended to serve institutional investors, custodians, and ecosystem partners seeking Ethereum staking services.

Lee said Bitmine’s annualized staking revenue had reached $297 million. He also said the company’s staked ETH represented more than 84% of its 5.18 million ETH holdings.

Ethereum Foundation sales add context

The latest Bitmine update followed another Ethereum Foundation sale to the company. Crypto.news reported that the foundation sold 10,000 ETH to Bitmine at an average price of $2,292 per coin, worth about $22.9 million.

The report said this was the foundation’s third over-the-counter sale to Bitmine in two months. It followed another 10,000 ETH sale one week earlier and a 5,000 ETH sale in March.

Crypto.news also reported that Bitmine had recently staked about $508 million worth of ETH, according to Arkham-tracked activity. At the time, Bitmine’s ETH holdings had crossed 5 million tokens, placing it among the largest institutional Ethereum holders.

Bitmine said it remains the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy. The company also said it is now 86% of the way toward its stated goal of holding 5% of total ETH supply.