Bitmine holds 4.49% of ETH supply after $53M weekly buy!

Bitmine Immersion (BMNR), the largest publicly-traded Ethereum treasury firm, purchased 26,497 ETH last week for roughly $53 million — a sharp pullback of more than 75% from the prior week's 120,000 ETH haul. The deceleration is deliberate: chairman Tom Lee said at Consensus 2026 in May that the company would moderate its buying pace as it closes in on its long-term target of owning 5% of ETH's circulating supply.

Bitmine now holds approximately 5.42 million ETH, representing 4.49% of circulating supply — about 90% of the way to its stated goal. Total crypto and cash holdings stood at $11.6 billion as of May 31, including 203 BTC and $446 million in cash. The firm's MAVAN staking platform generates an estimated $258 million in annualized revenue, with projected rewards approaching $300 million annually.

Lee struck a forward-looking tone in Monday's update: "ETH prices are not reflecting the strengthening of Ethereum fundamentals — but then again, this is not surprising given we are in the early stages of crypto spring." The comment signals Bitmine views current ETH pricing as a buying opportunity even as it throttles weekly volume.