Bitmine Immersion Technologies said its Ethereum holdings have risen above 5.2 million ETH, placing the NYSE-listed crypto treasury company closer to its stated goal of acquiring 5% of the network’s supply. The company reported total crypto, cash and “moonshot” holdings of $13.4 billion, with Ethereum making up the bulk of its balance sheet.
Bitmine Says ETH Holdings Climb Above 5.2M
Bitmine Immersion Technologies, Inc. said its crypto holdings included 5,206,790 ETH as of May 10 at 4:00 p.m. ET, valued at $2,366 per ETH using Coinbase pricing cited by the company. The Norwalk, Connecticut-based firm also reported 201 BTC, $775 million in cash, a $200 million stake in Beast Industries and an $88 million stake in Eightco Holdings, which trades on Nasdaq under the ticker ORBS.
The company said it recently uplisted from NYSE American to the New York Stock Exchange, effective April 9, while continuing to trade under the symbol BMNR. Bitmine described itself as a Bitcoin and Ethereum network company focused on accumulating crypto for long-term investment, and said its total crypto, cash and “moonshot” holdings now stand at $13.4 billion.
Thomas “Tom” Lee, chairman of Bitmine, framed the company’s ETH position around broader market and technology themes. “‘Crypto spring’ has commenced and we wanted to highlight the importance of owning ETH as a source of diversification, and the likely drivers of this coming ‘crypto bull’ cycle,” Lee said. “Among the key future drivers for Ethereum, the two primary are Wall Street’s move to tokenization and agentic AI. If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain – this has never been seen in a crypto bear market.”
Treasury Push Nears 5% of Ethereum Supply
Bitmine said its ETH holdings represent 4.31% of Ethereum’s total supply of 120.7 million ETH, putting the company 86% of the way toward what it calls its “Alchemy of 5%” target. Lee said Bitmine has acquired more than 1 million ETH since the start of 2026 and has reached more than 4.3% of ETH supply roughly 11 months into the strategy.
“Since the start of 2026, Bitmine has acquired over 1 million ETH and has accumulated over 4.3% of the ETH supply,” Lee said. “We intend to hold and stake our ETH holdings, which means our ETH holdings are essentially reducing available supply of ETH and removed 4.3% of ETH supply since June 30th, 2025. In other words, ETH supply has been disinflationary since June 2025.” Lee also said the company has chosen to slow its weekly accumulation pace from above 100,000 ETH, noting that the earlier pace would have put Bitmine on track to reach 5% by mid-July rather than later in 2026.
Staking is now a central part of the treasury strategy. Bitmine said it had 4,712,917 ETH staked as of May 10, worth $11.1 billion at $2,366 per ETH, including ETH staked through MAVAN, its Made in America VAlidator Network. “Annualized staking revenues are now $319 million,” Lee said. “And this 4.7 million ETH is over 90% of the 5.21 million ETH held by Bitmine. Bitmine’s own staking operations generated a 7-day yield of 2.86% (annualized).”
Bitmine described itself as the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy Inc., while also pointing to strong trading liquidity in BMNR shares, with a five-day average daily dollar volume of $816 million as of May 8. The company said its investor base includes ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Lee personally, as it continues working toward its 5% ETH supply target.
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