Bitmine buys another $60m worth of Ethereum, brings total holdings to 5,206,790 ETH

Bitmine has bought Ethereum once again. This recent purchase, however, is different from previous purchases as the 26,659 ETH bought is a sharp pullback from the recent pace of at least 100,000 ETH tokens per week with the company getting closer to its goal of holding 5% of ETH’s total circulating supply.

Bitmine’s total holdings now currently stand at 5,206,790 ETH, which is valued at approximately $12.3 billion at an average of $2,366 per token. That represents 4.31% of Ethereum’s circulating supply of 120.7 million tokens, according to the company’s recent filing.

Bitmine ever closer to 5% target

Chairman Tom Lee has said the company is purposely easing its accumulation of Ethereum after months of aggressive buying that saw Bitmine acquire more than 1 million ETH this year.

“We have decided to slow down our pace of weekly accumulation from over 100,000 per week,” Lee said in the company statement. “Our previous pace of buys would have us reach 5% by mid-July.”

Lee had initially mentioned the possible shift last week at Consensus 2026 in Miami, where he told attendees the company was reconsidering the speed of its approach toward what it calls the “alchemy of 5%,” its target of owning 5% of all ETH in circulation.

Bitmine has made numerous weekly purchases throughout 2026, with a steady increase in the company’s buying rate. Weekly purchases started at around 40,000 ETH in January and climbed past 100,000 ETH by late April, as Cryptopolitan previously reported. The April 27 purchase of 101,901 ETH was the largest single-week haul since mid-December 2025.

Now, with the 5% milestone within reach, the reduced pace suggests the company may be shifting its focus with a reduced ETH purchase rate. Lee did not specify what other opportunities Bitmine would pursue, but he did well to mention the firm’s broader portfolio of investments.

ETH staking generates $319 million annually

Bitmine has staked 4,712,917 ETH, more than 90% of its total holdings, through its Made in America Validator Network (MAVAN) platform, in addition to other partner validators. At the average purchase price of $2,366 per ETH reported earlier, the staked position is worth about $11.1 billion, according to the company statement.

“Annualized staking revenues are now $319 million,” Lee said. He also mentioned that there could be a potential increase in annual revenue to $352 million based on a 7-day yield of 2.86%, if the entire ETH treasury ends up being staked via MAVAN.

MAVAN was originally built only for Bitmine’s own operations but the company has plans to open the platform to institutional investors and other custodians, according to the filing.

$13.4 billion in portfolio’s total holdings

Beyond Ethereum, Bitmine reported total crypto, cash, and investment holdings of $13.4 billion as of May 10, 2026. The breakdown of the portfolio includes 201 Bitcoin, $88 million position in Eightco Holdings (NASDAQ: ORBS), a $200 million stake in Beast Industries, and $775 million in cash, according to the company’s filing.

Bitmine ranks as the largest corporate ETH holder in the world and the second-largest corporate crypto treasury overall, behind Strategy Inc., which holds 818,334 Bitcoin valued at roughly $66.6 billion.

Lee sees “crypto spring” underway

Lee reiterated his view that a new crypto bull cycle is forming. He pointed to Ether’s recent price recovery alongside gains in software stocks as evidence.

“If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain,” Lee said in the statement. “This has never been seen in a crypto bear market. Thus, a close above $2,100 would validate ‘crypto spring’ has arrived.”

He cited two structural drivers for Ethereum’s long-term value: Wall Street’s increasing use of blockchain-based tokenization and the growing need for public, neutral blockchains to support agentic AI systems.

Bitmine uplisted from the NYSE American to the main New York Stock Exchange on April 9, 2026. The firm’s stock trades under the ticker ‘BMNR” with an average daily volume of $816 million over the five trading days ending May 8, which makes it the 149th most actively traded stock in the U.S., according to Fundstrat data cited in the company release.

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