Bitmine Slows ETH Buying Spree After Adding 26,659 ETH, Holdings Hit 5.2 Million

The latest addition, valued at approximately $63 million, brings the company’s total Ethereum holdings to 5,206,790 ETH. This represents about 4.31% of Ethereum’s circulating supply and is currently worth roughly $12.3 billion. The move signals a strategic pivot as the firm approaches its ambitious target of controlling 5% of all ETH in circulation.

Strategic Slowdown Near "Alchemy of 5%" Milestone

Chairman Tom Lee confirmed the deliberate reduction in buying pace, stating that continuing at previous levels would have propelled Bitmine to the 5% threshold by mid-July. “We have decided to slow down our pace of weekly accumulation from over 100,000 per week,” Lee noted in the company’s latest update.

The company had ramped up acquisitions dramatically throughout 2026, starting with around 40,000 ETH weekly in January and scaling past 100,000 by late April. With the 5% goal now within sight, leadership is reassessing velocity to allocate capital across broader opportunities in crypto, including staking infrastructure and other portfolio investments.

Staking Powerhouse Delivers Strong Revenue

Bitmine has staked more than 90% of its holdings — 4,712,917 ETH — primarily through its Made in America Validator Network (MAVAN) platform. This positions the firm to generate an estimated $319 million in annualized staking revenue, with potential to reach $352 million if the full treasury is deployed at current yields.

MAVAN, initially developed for internal use, is now poised for expansion to institutional investors and custodians, highlighting Bitmine’s evolution from pure accumulator to infrastructure player in the Ethereum ecosystem.

Diversified $13.4 Billion Portfolio

Beyond Ethereum, Bitmine’s total crypto, cash, and investment holdings reached $13.4 billion as of May 10. The portfolio includes 201 BTC, an $88 million stake in Eightco Holdings, a $200 million position in Beast Industries, and $775 million in cash reserves.

These figures cement Bitmine’s position as the world’s largest corporate Ethereum holder and the second-largest public crypto treasury overall, trailing only Strategy Inc.

Bullish on “Crypto Spring”

Lee used the update to reiterate confidence in a broader market recovery. He pointed to Ethereum’s price resilience and gains in software stocks as evidence that “crypto spring has commenced.” A monthly close above $2,100 for ETH by the end of May would mark the third consecutive monthly gain — a feat unseen in previous bear markets, according to Lee.

He highlighted two long-term structural drivers for Ethereum: increasing Wall Street adoption of blockchain tokenization and the growing demand for public, neutral blockchains to power agentic AI systems.

Bitmine uplisted to the New York Stock Exchange in April 2026 and maintains strong trading volume. The company continues to position Ethereum as its core treasury asset while expanding staking and infrastructure capabilities. As it nears its historic 5% ownership target, the coming months will reveal how Bitmine balances accumulation with broader strategic priorities in the evolving crypto landscape.