Bitmine added another $53 million worth of Ethereum last week, pushing its holdings to 5.42 million ETH and bringing the company closer to its goal of owning 5% of the cryptocurrency’s total supply.
Key Takeaways
- Bitmine purchased 26,497 ETH worth approximately $53 million during the past week.
- The company’s total Ethereum holdings now stand at 5.42 million ETH, equal to 4.49% of Ethereum’s circulating supply.
- Bitmine is now about 90% of the way toward its goal of controlling 5% of all ETH.
- The firm reported total crypto, cash, and strategic investment holdings of $11.6 billion.
What Happened?
Bitmine Immersion Technologies has continued expanding its Ethereum treasury with the purchase of 26,497 ETH over the past week. While the acquisition was significantly smaller than the company’s previous buying spree, it still added roughly $53 million worth of Ethereum to its balance sheet and pushed total holdings to more than 5.4 million ETH.
The latest purchase comes as Bitmine shifts toward a more measured accumulation strategy while approaching its long stated goal of owning 5% of Ethereum’s total supply.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 1, 2026
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BitMine provided its latest holdings update for May 26, 2026
$12.3 billion in total crypto + “moonshots”:
– 5,416,901 ETH at $2,003 per ETH per ETH (per @coinbase)
– 203 Bitcoin (BTC)
– $200 million stake in Beast…
Bitmine Slows Buying Pace as Major Milestone Approaches
Bitmine’s latest purchase marked a sharp slowdown compared with the previous week, when the company acquired approximately 120,000 ETH in what was its largest purchase of 2026.
The company said the reduced pace reflects a deliberate strategy rather than a change in outlook. Chairman Thomas “Tom” Lee previously indicated that Bitmine would moderate acquisitions as it moved closer to its target ownership level.
Despite the slowdown, Bitmine remains one of the most aggressive corporate Ethereum buyers in the market. The company has accumulated more than 1 million ETH since the beginning of 2026 and now owns approximately 4.49% of Ethereum’s circulating supply of 120.7 million tokens.
Commenting on market conditions, Lee stated:
Ethereum Staking Becomes a Major Revenue Driver
Beyond accumulating Ethereum, Bitmine is increasingly focused on generating returns from its holdings through staking.
As of May 31, the company reported 4,718,677 staked ETH, representing roughly 87% of its total Ethereum treasury. Based on ETH prices around $2,003, those staked holdings were valued at approximately $9.5 billion.
A key part of this strategy is MAVAN, short for Made in America VAlidator Network. The institutional grade staking platform was initially created to support Bitmine’s own Ethereum treasury but is expected to expand services to institutional investors, custodians, and ecosystem partners.
According to the company, annualized ETH staking revenue is currently projected at $258 million, while projected staking rewards could approach $296 million annually when more ETH is deployed through MAVAN and partner validators.
$11.6 Billion Treasury Expands Beyond Ethereum
Bitmine’s reported holdings extend beyond Ethereum.
As of May 31, the company reported total crypto, cash, and strategic investment holdings valued at approximately $11.6 billion. These assets include:
- 5.42 million ETH
- 203 Bitcoin
- $446 million in cash
- $180 million stake in Beast Industries
- $93 million stake in Eightco Holdings
The company noted that Eightco provides investors with indirect exposure to OpenAI through its investment structure.
Bitmine also highlighted strong market interest in its shares. According to company data, BMNR stock has averaged approximately $628 million in daily trading volume, making it one of the most actively traded stocks in the United States.
Ethereum Outlook Tied to Tokenization and AI Growth
Bitmine management remains optimistic about Ethereum’s long term prospects despite recent market weakness.
Ethereum recently traded near $1,980, slipping below the closely watched $2,000 level. Meanwhile, BMNR shares have fallen about 38% this year, trading around $19.27 per share.
However, the company believes Ethereum stands to benefit from two major trends: the growing adoption of blockchain based asset tokenization by Wall Street institutions and increasing demand from agentic AI systems that require public and neutral blockchain infrastructure.
Management also pointed to developments such as the GENIUS Act and the SEC’s Project Crypto initiative as potential catalysts for the modernization of financial markets and broader digital asset adoption.
CoinLaw’s Takeaway
I believe the most important part of this story is not the slowdown in purchases but the scale Bitmine has already achieved. Accumulating more than 5.4 million ETH and approaching ownership of 5% of Ethereum’s supply is a remarkable milestone for a public company.
In my experience, treasury strategies only become more influential when they begin generating meaningful cash flow, and Bitmine’s growing staking business suggests the company is trying to build a sustainable revenue engine rather than simply holding crypto. If Ethereum adoption continues to expand through tokenization and AI related use cases, Bitmine’s position could make it one of the most closely watched companies in the digital asset sector.
