Bitmine bought just 26,659 ETH in its latest weekly purchase, a sharp drop from its recent pace of more than 100,000 ETH per week. In a public update released Monday, the company said its Ethereum reserves now exceed 5.2 million ETH, equal to about 4.31% of Ethereum’s circulating supply.
Speaking at Consensus 2026 in Miami, Tom Lee said the company chose to reduce its weekly acquisition rate as it approaches a major internal target. He said Bitmine would have reached its goal of holding 5% of total Ethereum supply by mid-July if it had kept buying at the previous speed. A company spokesperson said the slowdown is directly tied to that threshold coming into view.
More than 1 million ETH added in 2026
Since the start of 2026, Bitmine has acquired more than 1 million ETH. The company kept buying even while the broader crypto market went through declines, placing it among a small group of institutional players that have continued accumulating ETH over recent months.
Its portfolio extends beyond Ethereum. Bitmine also holds 201 BTC, $775 million in cash, and equity stakes in Beast Industries and Eightco Holdings. The company said the combined value of its cash and digital asset holdings stands at $13.4 billion.
Staking now anchors the strategy
Bitmine said staking has become a central part of its operating model. More than 90% of its ETH position, or over 4.7 million ETH, has been deployed in staking. The article values that staked amount at nearly $11.1 billion, generating recurring staking rewards for the firm.
Its staking platform, MAVAN, launched at the beginning of 2026. The platform now supports not only Bitmine’s own assets but also a range of institutional clients across the market.
Tom Lee points to ETH price strength
Company statements said recent gains in ETH, together with a recovery in tech and growth-oriented equities, may signal a new “spring” for the crypto market. Lee also said that if ETH closes above $2,100 at the end of May, it would mark a third straight monthly gain, which he described as something not seen in previous crypto bear markets.