Bitmine says it now holds 4,712,917 ETH, equal to 4.31% of Ethereum’s total supply. The U.S.-listed crypto company had been buying aggressively through early 2026, but president Tom Lee said the weekly pace has been cut back, moving the company’s timeline for reaching a 5% stake to July.
Weekly accumulation slows after rapid buying spree
According to Lee, Bitmine was purchasing around 40,000 ETH per week in January, and that pace climbed to more than 100,000 ETH per week by late April. The company’s biggest single purchase of the year came on April 27, when it bought 101,901 ETH in one transaction. Lee said Bitmine has now reduced that weekly acquisition rate; at the prior pace, the company would have reached its 5% ownership goal by mid-July.
Bitmine did not identify where any redirected capital may go next. For now, Ethereum remains the center of its balance sheet strategy.
More than 90% of ETH is staked through MAVAN
The company said over 90% of its Ethereum holdings are staked through its in-house Made in America Validator Network, or MAVAN. Using an average acquisition cost of $2,366 per ETH, the position is worth about $11.1 billion.
Lee said annualized staking income has reached $319 million. If the recent seven-day yield of 2.86% holds and the full ETH position is staked, that figure could rise to $352 million per year. MAVAN was first built for Bitmine’s internal use, but the company now plans to open the platform to institutions and custodians.
Portfolio value reaches $13.4 billion
As of May 10, 2026, Bitmine’s full portfolio was valued at roughly $13.4 billion. Beyond Ethereum, the company reported holdings of 201 BTC, an $88 million position in Eightco Holdings, $200 million in Beast Industries, and $775 million in cash reserves.
By the company’s figures, Bitmine is now the largest institutional holder of ETH in the world. In total institutional crypto portfolio size, it ranks second behind Strategy Inc., which holds 818,334 BTC valued at about $66.6 billion.
Lee ties ETH strength to broader market rebound
Lee said Ethereum’s rebound has come alongside gains in software stocks. He added that if ETH closes above $2,100 at the end of May, it would mark three straight months of gains, a pattern he said had not appeared in prior bear markets.
He pointed to two reasons for Ethereum’s appeal: wider adoption of blockchain-based tokenization in global finance, and rising demand for open and trusted networks that can support artificial intelligence systems. Bitmine also moved from NYSE American to the main New York Stock Exchange in April 2026. Trading under BMNR, the stock averaged $816 million in daily volume during the first five trading days of May, ranking 149th among U.S. equities.