Bitmine Just Bought 26,497 ETH, Nears 5% Ethereum Supply Target With $258M Staking Revenue

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Tom Lee’s Bitmine buys 26,497 <a href="https://jpykr.com/eth-usd/">ETH</a>, lifting holdings to 5.42M ETH

Bitmine Immersion Technologies increased its Ethereum holdings by 26,497 tokens last week, now possessing a total of 5.42 million. This brings the company closer to its goal of owning 5% of all Ethereum in circulation.

Summary

  • Bitmine added 26,497 ETH last week, raising total holdings to 5.42 million tokens.
  • The company now controls 4.49% of Ethereum’s supply, moving closer to its 5% target.
  • Bitmine has staked 4.72 million ETH, with annualized staking revenue projected at $258 million.

Bitmine announced on Monday that its total assets, including cryptocurrency, cash, and other investments, were worth $11.6 billion as of May 31st. This includes over 5.4 million ETH, 203 Bitcoin, $446 million in cash, a $180 million investment in Beast Industries, and a $93 million investment in Eightco Holdings.

BitMine recently shared its asset update as of May 26, 2026, reporting a total of $12.3 billion in cryptocurrency and other investments. This includes over 5.4 million ETH (valued at $2,003 each, according to Coinbase) and 203 Bitcoin, as well as a $200 million investment in Beast…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 1, 2026

As a researcher tracking Bitmine, I’ve found they currently hold a significant amount of Ethereum – about 4.49% of the total 120.7 million tokens in circulation. This puts them very close to achieving their stated goal of controlling 5% of the Ethereum supply, a target they’ve dubbed the “Alchemy of 5%”.

“Over the past week, we acquired 26,497 ETH,” Thomas “Tom” Lee, chairman of Bitmine, said.

Lee believes the current price of Ethereum doesn’t accurately represent its underlying strength, according to Bitmine. The company anticipates achieving its goal of holding 5% of the Ethereum supply around 2026.

Staked ETH tops 4.7 million

Bitmine has staked 4.7 million ETH, worth approximately $9.5 billion based on a price of $2,003 per ETH. This staked amount makes up over 87% of the company’s total Ethereum holdings.

The company is creating MAVAN, a system to verify the origin of products made in America. Originally built to manage Bitmine’s Ethereum holdings, the platform could eventually be offered to other financial institutions, custodians, and partners in the crypto space.

“Annualized staking revenues are now projected at $258 million,” Lee said.

Bitmine could earn up to $296 million annually if it stakes all of its Ethereum through MAVAN and its partners. This calculation is based on an estimated annual return of 2.73% over a seven-day period.

Ethereum strategy continues under pressure

Bitmine’s recent acquisition coincides with a period of market challenges for Ethereum. After several attempts, the price of ETH has been hovering around $2,000, unable to break through stronger resistance levels.

As crypto.news reported earlier, Bitmine increased its Ethereum holdings by 71,672 ETH the week of May 17th, bringing its total to 5.28 million ETH. At that time, the company was nearing its goal of owning 5% of the total Ethereum supply.

An updated report indicated that Ethereum needed to rise above $2,500 to show a solid recovery was happening. The report also mentioned that Bitmine was still purchasing Ethereum during the recent price dip.

Treasury race stays focused on ETH

Bitmine continues to hold the largest Ethereum reserves and is the second-largest cryptocurrency treasury worldwide, following Strategy. Their stock, BMNR, is also among the most frequently traded in the U.S., measured by the total value of shares changing hands.

The company’s approach is notable because it holds a significant portion of its assets in Ethereum. This allows investors to benefit from changes in Ethereum’s price, earn rewards through staking, and potentially profit from the network’s future expansion.

Bitmine continues to purchase Ethereum while its price remains below recent peaks. Now, the company is focused on reaching a 5% acquisition goal, navigating market fluctuations, and minimizing risks associated with staking.

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2026-06-01 17:16