Bitmine Nears 5% Ethereum Supply Goal

Liquid Brings Live Trading to AI Chats | Stable Launches Institutional USDT Yield Product

Marco Manoppo & Karon Pangestu
May 28, 2026

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Good Morning.

Bitmine keeps buying while everyone else is watching the drawdown, dropping $235M on 111,942 ETH at sub-$2,200 to hit 5.39M tokens and 89% of its 5% supply target, a pace that's less about price conviction and more about locking in a position too large to unwind.

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In Today's Email:

What Matters: Bitmine Nears 5% Ethereum Supply Goal 👀
Case Study: Liquid Brings Live Trading to AI Chats 🔎
Governance & Features: Stable Launches Institutional USDT Yield Product 🚀

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Narratives: Accumulation without exit

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WHAT MATTERS

Bitmine Nears 5% Ethereum Supply Goal

State of play: Bitmine used ETH's drop below $2,200 to add another 111,942 tokens, pushing its treasury to 5.39M ETH worth ~$11.4B and landing it 89% of the way to owning 5% of Ethereum's total supply.

Bitmine added 111,942 ETH for over $235M, with Chairman Tom Lee calling the price decline below $2,200 an attractive buying opportunity.
The company now holds 5.39M ETH worth ~$11.4B at current prices, making it the world's second-largest crypto treasury behind Strategy.
ETH is down nearly 30% year to date after falling from above $2,400 to near $2,000, partly driven by profit-taking.
Over 4.7M of Bitmine's held tokens are staked, worth roughly $10.1B.
Bitmine shares rose 4% to $19.66 on the news, closely tracking ETH's year-to-date performance.

Why it matters: A single entity controlling 5% of ETH supply becomes a systemic price mover, making Bitmine's accumulation strategy a market structure issue, not just a treasury play.

Our take: t this scale, Bitmine can't quietly exit, the 5% target isn't a milestone, it's a point of no return.

For builders and investors: Institutional treasuries anchoring to ETH validates the chain, but also introduces concentration risk that didn't exist two years ago.

CASE STUDY

Liquid Brings Live Trading to AI Chats

Liquid launched Co-Invest inside ChatGPT and Claude, letting users fund accounts, analyze markets, and execute live trades across 500+ markets without leaving the AI interface.

Co-Invest covers crypto, equities, forex, Polymarket positions, and pre-IPO secondaries, with deposits, stop-loss controls, and trade confirmation all handled natively in chat.
Unlike MoonPay's ChatGPT app, which redirects users offsite to complete transactions, Co-Invest runs the full trade flow inside the conversation.
The platform is non-custodial, routes to venues including Hyperliquid and Ostium, and has processed over $3B in volume across ~40,000 users since August 2025.

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INSIGHTS

Base Launches MCP Gateway for AI Wallets

State of play: Base released an MCP gateway that connects users' Base Accounts to any AI interface supporting the open MCP standard, enabling token swaps, fund transfers, and onchain app interactions via natural language prompts.

Base MCP links to apps including Morpho, Moonwell, Aerodrome, and Uniswap, covering lending, swaps, perps, and token launches at launch.
The protocol is fully non-custodial, with the MCP server never accessing private keys, transactions are built locally and queued for user review and signing.
Authentication runs on OAuth 2.1, and the local transaction construction model is designed to reduce phishing and domain hijacking risks common in web-based crypto apps.

FEATURES & GOVERNANCE UPDATE

Stable Launches Institutional USDT Yield Product

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Stable, the USDT-dedicated L1 backed by Bitfinex, Hack VC, and Franklin Templeton, launched StableEarn, a yield product routing USDT deposits into RWA-backed instruments rather than crypto token emissions.

Yield is generated through Theo's RWA suite tied to assets like Treasurys and gold, with products including thUSD, thBILL, and thGOLD developed with Standard Chartered's Libeara and Wellington Management.
StableEarn is built on Morpho with risk parameters managed by Gauntlet, using a vault structure that automates deposit deployment into yield strategies.
Stable raised $28M in its seed round and launched mainnet last year, positioning StableEarn as the next step in making USDT productive onchain.

Other notable feature updates:

Solstice opens live Season 1 SLX claims.
Royco Dawn drops fees across all markets.
Native Markets begins USDH platform sunset.
Pendle lists Strata srNUSD and jrNUSD markets.
Babylon proposes native BTC collateral for Aave.
Binance renews USD1 yield campaign incentives.
Neutrl adds reserve allocation transparency tools.
Tangent launches USG borrowing and points program.
Hyperliquid removes external oracles from prediction markets.

QUICK BITES

DeFi TVL slides 14% since KelpDAO exploit.
China's top court to study judicial rules for crypto.
Base blockchain rolls out MCP gateway to AI interfaces.
Tokenized Pokémon card marketplaces hit record $7.4M.
Spain blocks Polymarket, Kalshi for operating without licenses.
Trump vows to codify 'future-proof' digital asset market structure.
White House starts review of CFTC's prediction markets rulemaking.
Spot bitcoin ETFs continue outflow streak amid $1.3B IBIT whale trade.
US charges Google engineer for using internal data to get $1.2M on Polymarket.
Coinbase taps Standard Chartered to expand funding rails for institutional clients.

NOTEWORTHY READS & MEME

Rohit’s read on $ETH resurgence 2.0.
David Hoffman’s read on Why He Sold His ETH.
Stacy’s read on Three categories Dominating the RWA Landscape.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.