Bitmine Immersion Technologies, an Ethereum-focused treasury firm, has reduced the pace of its Ethereum (ETH) purchases after several months of aggressive accumulation that made it the largest corporate holder of Ethereum.
In a weekly update released Monday, the company said it bought 26,659 ETH over the past week, worth roughly $63 million based on an ether price of $2,366. The purchase brought Bitmine’s total holdings to 5,206,790 ETH, equal to about 4.31% of Ethereum’s circulating supply.
At the time of this writing, Ethereum is trading around $2,324, down 0.19% in the past 24 hours, according to CoinMarketCap. Total market cap is sitting around $280.87 billion, showing a drop of 0.06%, while trading volume has surged 96%, standing at $22.45 billion in the last 24 hours.
Buying pace moderates as 5% target nears
Chairman Tom Lee said the company has decided to slow its buying pace from more than 100,000 ETH per week as it approaches its stated goal of acquiring 5% of all ether in circulation. “We have decided to slow down our pace of weekly accumulation from over 100,000 ETH per week,” Lee said in the statement.
At its previous pace, Bitmine would have reached its 5% target by mid-July. Lee said the company had originally expected to achieve that milestone later in 2026. The latest purchase is significantly smaller than the average weekly amount Bitmine had acquired in recent months.
Holdings top $13.4 billion
Bitmine said its combined crypto, cash, and equity investments totaled $13.4 billion as of May 10. In addition to its Ethereum position, the company reported holdings of:
- 201 BTC
- $775 million in cash
- A $200 million stake in Beast Industries
- An $88 million stake in Eightco Holdings
The company listed on the New York Stock Exchange in April after moving from the NYSE American market.
Expanding focus beyond Ethereum accumulation
Speaking at the Consensus Miami 2026, Chairman Tom Lee said Bitmine is positioning itself around several crypto- and AI-related business lines as market conditions improve. Lee said the company’s strategy now rests on three main pillars: its Ethereum treasury, institutional staking operations, and investments tied to artificial intelligence and creator-focused businesses.
While Ethereum remains the centerpiece of Bitmine’s balance sheet, Lee indicated the company is broadening its focus beyond simply accumulating ETH. He noted that Bitmine now controls more than 4% of Ethereum’s circulating supply, a milestone the company had originally expected would take years to reach. According to Lee, Bitmine first crossed the 1% mark in August 2025 and continued expanding its holdings through early 2026.
Lee added that the company’s previous pace of acquiring roughly 100,000 ETH per week would have pushed Bitmine to its 5% ownership target within weeks, prompting management to reassess how it allocates capital across its expanding businesses.
More than 4.7M ETH staked
Bitmine said 4,712,917 ETH, or more than 90% of its ether holdings, are currently staked. At current prices, those staked assets are valued at about $11.1 billion. The company estimates that its staked ether is generating annualized rewards of approximately $319 million, based on a 2.86% seven-day staking yield.
Bitmine also launched MAVAN, short for Made in America Validator Network, earlier this year. The platform was initially built to manage the company’s own staking operations and is being positioned to serve institutional clients.
Lee says Ether strength signals “crypto spring”
Lee reiterated his positive outlook for Ethereum, citing its relationship with software and growth stocks. He said that if Ether closes above $2,100 at the end of May, it would mark a third straight monthly gain, a pattern he said has not occurred during prior crypto bear markets.
Since the start of 2026, Bitmine has acquired more than 1 million ETH, according to Lee. With over 5.2 million ETH on its balance sheet, Bitmine remains the largest Ethereum treasury company globally and one of the largest publicly traded crypto treasury firms overall.
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