CoinDesk
Bitmine Immersion (BMNR), the largest publicly-traded Ethereum treasury firm, bought 26,497 ETH last week — worth roughly $53 million at current prices — sharply down from the prior week's 120,000 ETH haul. The latest acquisition lifted the firm's holdings to nearly 5.42 million tokens, or about 4.49% of ETH's circulating supply, according to a Monday company update.
Why it matters
The 75% drop in weekly pace is a deliberate taper rather than a cooldown. Chairman Tom Lee said at Consensus 2026 in May that the company planned to moderate accumulation as it closed in on its long-stated goal of owning 5% of ETH's supply, and Bitmine is now roughly 90% of the way there. The firm has accumulated more than 1 million ETH since the start of the year, and a slower cadence is consistent with a target-driven buyer hitting the top of its curve.
That posture stands out in a market where most large digital-asset treasuries have either paused or reversed. Strategy (MSTR) sold roughly $2.5 million of bitcoin last week, leaving Bitmine as one of the few major corporate treasuries still actively adding to crypto positions. The Ethereum treasury now sits on $11.6 billion in combined crypto and cash holdings as of May 31, including 203 BTC, $446 million in cash, and equity stakes in Beast Industries and Eightco Holdings.
Market impact
Bitmine is increasingly tilting toward yield rather than accumulation. The firm estimates its staking operations generate roughly $258 million in annualized revenue, with projected rewards approaching $300 million annually through its MAVAN staking platform — a structural shift that turns the treasury into a cash-flow engine as the buying pace cools. Lee framed Monday's disclosure in a constructive register: "ETH prices are not reflecting the strengthening of Ethereum fundamentals," he said.
Frequently asked questions
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How much ETH did Bitmine buy last week?
Bitmine Immersion (BMNR) bought 26,497 ETH last week, worth roughly $53 million at current prices — down more than 75% from the prior week's 120,000 ETH acquisition.
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How much Ethereum does Bitmine now hold?
The firm holds nearly 5.42 million ETH, or about 4.49% of ETH's circulating supply, putting it roughly 90% of the way to its stated goal of owning 5% of the network's supply.
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Why is Bitmine slowing its ETH purchases?
Chairman Tom Lee said in May at Consensus 2026 that the firm would moderate accumulation as it approached its long-term 5% of ETH supply target, and Bitmine is now near that ceiling.
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How much revenue does Bitmine's staking generate?
Bitmine estimates its staking operations produce roughly $258 million in annualized revenue, with projected rewards approaching $300 million annually through its MAVAN staking platform.
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What is Bitmine's total crypto and cash position?
As of May 31, Bitmine's combined crypto and cash holdings stood at $11.6 billion, including 5.42M ETH, 203 BTC, $446 million in cash, and equity stakes in Beast Industries and Eightco Holdings.
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