Key Highlights
- Bitmine slowed its ETH buying to 26,497 ETH ($53M), down from 120,000 ETH the week before.
- The company still holds 5.42M ETH (about 4.49% of total supply) and remains the largest Ethereum treasury holder.
- Ethereum dropped to around $1,966 with rising trading volume showing stronger selling pressure.
Bitmine Immersion Technologies, an Ethereum-focused treasury firm, has reduced the pace of its Ethereum (ETH) purchases following an aggressive buying streak earlier in May 2026.
In an official release shared on Monday, the company said that it bought about 26,497 ETH last week, worth about $53 million at current prices. The acquisition was small compared to the previous week, when the company bought about 120,000 ETH, indicating a clear slowdown in the pace of accumulation.
Current Ethereum holdings remain massive
Despite the slower buying pace, Bitmine still holds a large amount of Ethereum, standing at about 5.42 million ETH. This is around 4.49% of all Ethereum in circulation, based on a total supply of about 120.7 million ETH. This makes Bitmine the largest Ethereum treasury holder in the market.
In addition, the company’s combined crypto, cash, and investment assets are now valued at around $11.6 billion. Alongside ETH, Bitmine holds 203 Bitcoin, $446 million in cash, and equity stakes worth about $273 million in firms such as Beast Industries and Eightco Holdings.
A major part of Bitmine’s ETH position is locked in staking. Around 4.7 million ETH is already staked through its MAVAN (Made in American Validator Network) system.
The staking setup is designed to generate a steady income from network participation. The firm estimates annual staking revenue at about $258 million, with projections reaching close to $296 million if full capacity is reached. Over 87% of its ETH holdings are currently staked, making it one of the largest institutional validators in the Ethereum ecosystem.
Tom Lee explains 5% supply goal
The slowdown in purchases does not seem to be random. In the release, Chairman Tom Lee explained that the company is getting closer to its long-term goal of owning 5% of Ethereum’s total supply.
He said during Consensus 2026 that Bitmine is expected to reach what he called the “alchemy of 5%” sometime in 2026. He also said ETH prices are not fully showing the real strength of Ethereum’s network growth.
“ETH prices are not reflecting the strengthening of Ethereum fundamentals.” He said, and added that the market is still in the early stage of a “crypto spring.”
Even with reduced buying speed, Bitmine has still added more than 1 million ETH since the start of the year. That puts the company about 90% close to its target of controlling 5% of Ethereum’s supply. It still remains the largest ETH treasury in the world and the second-largest crypto treasury overall, behind Strategy Inc., which holds a large amount of Bitcoin.
ETH drops below $2,000
Meanwhile, Ethereum has not been performing well lately. The asset has been moving around the $2,000 level and struggling to break higher levels. At the time of writing, ETH was trading at $1,966, down about 2% over the last 24 hours and about 7% in a week.
Market data shows Ethereum continues to trade near key levels around $2,000, with limited short-term strength despite ongoing institutional accumulation.
At the same time, trading activity has increased by 122%, reaching about $16.57 billion in volume. However, compared with the price drop, this surge in activity suggests it’s just traders selling their positions.
Also Read: Ethereum Staking Hits Record 39.5M ETH Amid Price Slump and ETF Outflows
