Bitmine Immersion Technologies lifted its Ethereum holdings to 5,206,790 ETH after purchasing another 26,659 ETH last week, according to an update released Monday. The company said the position now equals about 4.31% of Ethereum’s circulating supply, with a reported value near $12.1 billion. The buying has not stopped. The pace has changed.
Weekly accumulation slows after months of aggressive buying
Bitmine said the latest purchase was worth roughly $63 million. That marks a clear slowdown from prior months, when the firm was regularly adding more than 100,000 ETH per week as it pushed ahead with its treasury strategy.
Tom Lee said Bitmine’s original plan was to reach exposure equal to 5% of Ethereum supply by late 2026. At the earlier rate, though, the company would have been on track to approach that goal by mid-July. Bitmine then chose to reduce the weekly pace of accumulation, while Lee said the firm still intends to continue buying and staking ETH.
More than 4.7 million ETH already staked
Of Bitmine’s total holdings, 4,712,917 ETH has already been staked, the company said. It estimated that annual staking rewards could reach about $352 million once all of its ETH is staked. Lee said the strategy effectively takes Ethereum supply out of circulation, while the company described its current position as about 4.3% of total supply.
Bitmine also said Ethereum supply has remained disinflationary since June 2025. The company added that it has acquired more than 1 million ETH since the beginning of 2026.
Lee ties Ethereum rebound, tokenization and AI activity to “crypto spring”
Beyond its Ethereum position, Bitmine disclosed total crypto, equity and cash holdings of $13.4 billion as of May 10. Lee repeated his view that “crypto spring” has already started, linking that call to Ethereum’s recent price recovery and broader institutional blockchain activity.
Lee also said that if Ethereum closes the month above $2,100, it would post three consecutive monthly gains. He said Ethereum had never produced that pattern during earlier crypto bear markets. He also pointed to Wall Street tokenization efforts and the rise of agentic AI systems as key drivers for Ethereum’s growth.