Ethereum treasury company Bitmine Immersion Technologies (BMNR) bought 111,942 ETH last week. This marked the company’s largest weekly purchase since December 2024. Its total ETH holdings reached 5.39 million tokens; 4.47% of Ethereum’s circulating supply of 120.7 million tokens is now held by this company.
At today’s prices, the weekly purchase is worth roughly $237 million. ETH is currently trading around $2,134.
Plan changed, pace increased
At the Consensus 2026 conference held in Miami in early May, Chairman Tom Lee said they would slow the pace of weekly purchases. Within a week or two, the plan changed. ETH fell from around $2,400 in April and early May to near $2,100. Bitmine saw this decline as worth buying.
Lee said this directly in the company’s official statement: “We continue to steadily buy ETH. We view price levels below $2,200 as an attractive opportunity.” He also repeated the company’s goal of holding 5% of supply in 2026. In the company’s own words, it has reached 4.47% in 11 months on its way to the “alchemy of 5%.” In other words, it has completed 89% of the target.
Lee also emphasized that they see two major catalysts ahead for Ethereum: Wall Street’s asset tokenization and the growing need of AI agents for public blockchains. Bitmine presents these two trends as the core arguments behind its ETH accumulation strategy.
The full portfolio
Bitmine’s total crypto and cash holdings stand at $12.3 billion. ETH is the dominant part of this portfolio; 5.39 million tokens are worth around $11.5 billion at $2,134. The company also holds 203 Bitcoin and $444 million in cash.
The portfolio also includes equity positions the company calls “moonshots”: a $200 million stake in Beast Industries and a $95 million stake in Eightco Holdings (NASDAQ: ORBS). Eightco is one of the few publicly traded companies in the world that offers indirect exposure to OpenAI.
Staking: More than accumulation
Bitmine has staked 87% of its ETH holdings, equal to more than 4.71 million tokens. At a price of $2,134, this position is worth $10.1 billion. Annual staking revenue has reached around $276 million, while the seven-day yield was reported at 2.75%.
Bitmine also built its own infrastructure for a staking operation of this scale. MAVAN, short for Made in America VAlidator Network, was launched in 2026 and was initially developed only to stake Bitmine’s own ETH. Now its scope is expanding; the company plans to open it to institutional investors, custodians and ecosystem partners.
Global ranking
Bitmine maintains its position as the world’s largest ETH treasury. In the global crypto treasury ranking, it is second only to Strategy Inc. (MSTR). Strategy holds a portfolio worth $64 billion with around 818,000 BTC.
The stock’s liquidity also paints a notable picture. According to Fundstrat data, BMNR’s five-day average daily trading volume stands at $572 million, placing it 193rd among 5,704 US-listed companies. It ranks just behind Trane Technologies at 192 and ahead of Delta Airlines at 194.
Institutional support
The company’s investor base also stands out. Institutional names such as Cathie Wood’s ARK Invest, Founders Fund, Pantera Capital, Kraken, DCG and Galaxy Digital are among Bitmine’s shareholders. Tom Lee also continues to support the company both as Bitmine’s chairman and as a personal investor.
In April 2026, the company moved from NYSE American to the New York Stock Exchange. Its ticker remained BMNR.
While assessing the market outlook, Lee also highlighted the GENIUS Act and the SEC’s Project Crypto initiative. He compares these regulatory steps to the United States abandoning the gold standard in 1971; pointing to how that decision transformed Wall Street, he argues that today’s crypto regulations could have a similar impact.
