Bitmine Immersion Technologies has slowed its aggressive Ethereum buying strategy after building one of the largest ETH treasuries in the crypto industry, with holdings now worth more than $12 billion.
Key Takeaways
- Bitmine purchased 26,659 ETH last week, slowing from its earlier pace of buying more than 100,000 ETH weekly.
- The company now holds over 5.2 million ETH, representing roughly 4.3% of Ethereum’s total circulating supply.
- Chairman Tom Lee said the company remains committed to its goal of owning 5% of Ethereum’s supply by the end of 2026.
- Bitmine has already staked more than 4.7 million ETH, with projected annual staking rewards potentially reaching $352 million.
What Happened?
Bitmine Immersion Technologies has reduced the speed of its Ethereum accumulation after rapidly building a treasury of more than 5.2 million ETH over the past year. The company had previously been purchasing over 100,000 ETH per week but bought 26,659 ETH during the latest reporting period.
The slowdown comes as Bitmine gets closer to its ambitious target of controlling 5% of Ethereum’s total supply. According to Chairman Tom Lee, the company’s previous buying pace would have allowed it to hit that milestone by mid July 2026, much earlier than initially planned.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) May 11, 2026
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BitMine provided its latest holdings update for May 114, 2026
$13.1 billion in total crypto + “moonshots”:
– 5,206,790 ETH at $2,366 per ETH (@coinbase)
– 201 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $88…
Bitmine Nears Major Ethereum Ownership Milestone
Bitmine has quickly become the largest Ethereum treasury company in the market. The firm currently holds 5,206,790 ETH valued at approximately $12.1 billion, according to the company’s latest update.
Ethereum’s circulating supply currently sits near 120.7 million ETH, meaning Bitmine already controls around 4.3% of the network’s total supply. Lee described the company’s long term strategy as the “alchemy of 5%,” referring to Bitmine’s effort to eventually own 5% of all Ethereum in circulation.
Lee said in the company statement:
The company’s rapid Ethereum accumulation started after Lee became chairman in June 2025 following a $250 million private placement that helped launch Bitmine’s treasury strategy.
Staking Becomes Core Part of Strategy
Beyond simply holding ETH, Bitmine has aggressively expanded its staking operations. The company said it has already staked more than 4.7 million ETH, making staking one of the central pillars of its business model.
Lee estimated annual staking revenue could eventually reach between $319 million and $352 million depending on staking yields and network conditions. The company said over 90% of its Ethereum holdings are currently staked.
Bitmine believes staking strengthens its treasury strategy while also reducing Ethereum’s available circulating supply.
“We intend to hold and stake our ETH holdings, which means our ETH holdings are essentially reducing available supply of ETH,” Lee said.
The company added that Ethereum’s supply has become increasingly disinflationary since June 2025 as more ETH continues moving into staking contracts.
Blockchain data from beaconcha.in showed more than 38 million ETH has already been staked across the Ethereum network.
Ethereum Strategy Mirrors Bitcoin Treasury Playbook
Bitmine’s approach closely resembles the strategy used by Michael Saylor’s Strategy, formerly MicroStrategy, which built a massive corporate Bitcoin treasury over recent years.
However, Bitmine’s balance sheet remains heavily concentrated in Ethereum. Alongside its ETH holdings, the company also holds 201 BTC worth around $16.3 million, a stake in WLD treasury firm Eightco, and roughly $775 million in cash reserves.
The company recently completed an uplisting to the New York Stock Exchange from NYSE American, further increasing institutional visibility around its Ethereum focused strategy.
Bitmine has also attracted backing from several major crypto and investment firms including Ark Invest, Founders Fund, Pantera, Kraken, Galaxy Digital, and DCG.
CoinLaw’s Takeaway
In my experience, Bitmine slowing its Ethereum buying pace does not look bearish at all. The company has already accumulated an enormous share of ETH supply in a very short period, and continuing at the earlier pace may have created unnecessary concentration risks.
What stands out to me is how aggressively Bitmine is combining treasury management with staking rewards to create a yield generating crypto balance sheet. If institutional demand for Ethereum continues growing through tokenization and stablecoins, Bitmine could become one of the most influential Ethereum focused public companies in the market.
