Bitmine Immersion Technologies expanded its Ethereum treasury again last week, buying 71,672 ETH worth about $153 million during a pullback that took ETH below $2,200. The NYSE-listed company said its total Ethereum holdings stood at 5,278,462 ETH as of May 17, valued at roughly $11.32 billion at the stated prices. That amount represents 4.37% of Ethereum’s 120.7 million token supply.
Company says its 5% Ethereum target is in sight
The update was released through a company statement dated May 18. Chairman Thomas Lee described the recent drop in ETH as a buying opportunity. The article cited an Ethereum price of $2,135.91 at the time and said Bitmine expects to reach its “Alchemy of 5%” goal at some point in 2026. The company also said it moved its stock listing from NYSE American to the New York Stock Exchange on April 9, 2026.
Bitmine linked Ethereum’s outlook to two themes mentioned in the release: Wall Street tokenization activity and rising use of blockchain systems by AI applications. The company also pointed to movement around the proposed CLARITY Act in the US Senate. Lee said the bill could bring clearer rules for crypto firms and institutional investors.
More than 4.7 million ETH is already staked
Bitmine said 4,712,917 ETH from its holdings is currently staked. At ETH prices near $2,191, that staked position is worth about $10.3 billion. The company stakes those assets through MAVAN, short for Made in America Validator Network.
According to the release, Bitmine’s staking operations are generating an annualized yield of 2.80%. If all of its ETH becomes fully staked, projected yearly staking rewards could reach about $324 million. That makes staking income a central part of the company’s Ethereum treasury model, rather than simple balance-sheet exposure alone.
Broader assets total $12.6 billion
Beyond Ethereum, Bitmine disclosed total broader holdings worth about $12.6 billion. Those assets include 202 Bitcoin, $685 million in cash, a $200 million stake in Beast Industries, and $83 million in Eightco Holdings. Bitmine said Eightco offers indirect exposure to OpenAI through public markets.
The company also described itself as the world’s largest Ethereum treasury company. By asset value, it said it trails only Strategy Inc. among crypto treasury firms. In equities trading, BMNR posted average daily trading volume of about $857 million over the past five sessions, ranking as the 133rd most traded US-listed stock.
Institutional buying and staking levels remain in focus
The source article noted that large treasury purchases are often watched as signs of long-term commitment from public companies. If a large share of those holdings stays staked, the liquid supply available to the market may tighten as well. Bitmine also pointed to Ethereum’s place in tokenization, stablecoins, and blockchain-based finance as a continuing focus for institutional investors.
The piece added that corporate balance sheets have historically leaned more toward Bitcoin reserves, while discussion around Ethereum staking rewards and tokenization use cases is growing. As more institutions place large holdings into these systems, available market supply could become more constrained.