Ethereum

Ether-focused public companies are leaning more heavily on staking income as losses widen and equity premiums compress. Everstake found that, among six firms disclosing staking metrics, staking represented 60% of reported revenue on average, while the study tallied about $1.41 billion in combined losses among loss-making firms with available fiscal 2025 results.

Bitmine Immersion Technologies said its crypto, cash and strategic holdings total $12.3 billion, led by 5,390,404 ETH as of May 25. The company also reported 4,712,917 ETH staked via its MAVAN validator network, which Tom Lee said implies $276 million in annualized staking revenue at a 2.75% seven-day annualized yield.

BitMine increased its Ethereum holdings by another 111,942 ETH and said its unrealized loss on the position is estimated at $7.35 billion to $8 billion, even as ETH traded below $2,200. Separately, Strategy (MSTR) used about $1.38 billion in cash to repurchase $1.5 billion face value of 2029 convertible notes at roughly an 8% discount, leaving its 843,738 BTC holdings unchanged.

BitMine Immersion Technologies disclosed a large unrealized loss tied to its Ethereum holdings, while its chairman Tom Lee's compensation plan can still pay out up to $95 million over five years. The company reported acquiring 4,473,459 ETH for $16.97 billion as of February 28, valuing that position at $8.79 billion, and later said it held 5,278,462 ETH by May 17.

On May 26, Kraken deposited 5.06 ETH worth about $1.07M into Ethereum restaking protocol Eigencloud, according to EmberCN. The move comes as Eigencloud reports more than $6.53B in TVL while its EIGEN token trades near $0.25, roughly 96% below its $5.65 all-time high.

On May 26, OKX introduced Exchange OS, an upgrade to its Ethereum-compatible X Layer network that lets developers and institutions launch their own onchain trading venues using OKX's exchange-grade stack. The framework supports spot markets, perpetual futures, and prediction markets, with shared liquidity, settlement, and risk controls across deployments. OKX said the first Exchange OS-based venue is planned for June, and OKB was trading at $94.21 on May 26, up 13% over 24 hours.

On May 26, 2026, Bhutan's government moved about $7 million worth of BTC to a SegWit wallet, according to Arkham. The platform said such transfers can signal preparation for a further transfer or a sale, and noted Bhutan's BTC balance is down 10,000 BTC from a ~13,390 BTC peak in October 2024. Arkham data also lists Bhutan holding $234.33 million in BTC and about $68,000 in ETH at the time of the report.

Ethereum has lagged Bitcoin in 2026, with the ETH/BTC pair down close to 20% year-to-date, a sign the market remains tilted toward BTC. Bitcoin dominance was about 60.6% at the time of writing, while both Bitcoin and Ethereum spot ETFs posted weekly net outflows of roughly $1.26 billion and $216 million, respectively.

Harvard Management Company reported it had fully sold its $86.8 million position in BlackRock’s iShares Ethereum Trust ETF, a stake it first disclosed only one quarter earlier. The Q1 2026 13F shows the holding was zero as of March 31, 2026, while Harvard also reduced iShares Bitcoin Trust by about 2.3 million shares to 3,044,612 shares worth roughly $117 million.

Market expert Sam Daodu says several large-cap tokens—including XRP, Ethereum, Solana and Chainlink—look "undervalued" compared with on-chain activity and infrastructure growth. He notes ETH trades about 57% below its August 2025 high of $4,946 and argues Ethereum's DeFi scale and planned Glamsterdam upgrade (mid-2026) could be catalysts. The report also highlights XRP's $1.30–$1.50 range in 2026, the May 14 CLARITY Act committee vote (15-9), SOL's drop from $295 to $85, and LINK around $9.50 versus $52.99.