Bitmine Immersion (BMNR) said on Monday that its Ethereum (ETH) holdings have continued to climb, reaching 5 million tokens and getting closer to the company’s longer-term goal of owning 5% of the total ETH supply. The firm described the update as evidence that a “crypto spring” has begun, and used the announcement to reinforce why it believes ETH matters not only as an asset, but also as a form of diversification for investors. What’s In Bitmine Immersion’s Portfolio? According to Bitmine’s disclosure, the company controls more than 4.31% of ETH’s total supply of 120 million coins. The release also breaks down its overall crypto and non-crypto holdings as of May 10. Bitmine reported 5,206,790 ETH valued at $2,366 per ETH, along with 201 Bitcoin (BTC). Beyond the major cryptocurrencies, the company said it has a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and total cash of $775 million. Related Reading: Strategy May Be Buying Bitcoin Again Despite Q1 Sell Talk Bitmine also provided figures on staking. As of May 10, it said its total staked ETH stands at 4,7 million, which it valued at $11.1 billion using the same $2,366 per ETH reference. The company added that its staked ETH volume is higher than that of other entities globally. “Bitmine has staked more ETH than other entities in the world,” the company’s CEO Tom Lee said in the release. He continued that, at scale, the projected staking reward is $352 million annually, based on a 2.86% 7-day BMNR yield. Lee tied the company’s accumulation strategy to broader market drivers. He said the firm wants to highlight the role of owning ETH as a diversification tool, alongside the factors he believes could push the next “crypto bull” phase. Is ‘Crypto Spring’ Already Here? Bitmine also disclosed that its buying and staking activity is directly contributing to reduced circulating supply. Lee stated that, since the start of 2026, the company has acquired over 1 million ETH and accumulated more than 4.3% of the total supply. He said Bitmine intends to hold and stake its ETH holdings, meaning those coins are effectively removing liquidity from the market. In his words, ETH has been “disinflationary since June 2025” because Bitmine had already removed 4.3% of ETH supply from circulation since June 30, 2025. The company also adjusted its near-term accumulation plan. Lee said Bitmine has decided to slow down the pace of weekly accumulation from a targeted rate of more than 100,000 ETH per week. Lee said maintaining the earlier pace of weekly purchases would have meant reaching the 5% level by mid-July, but the shift now reflects a change in timing for how quickly the target is approached. Related Reading: Dogecoin Price Set To Hit $5 Amid New Influx From Smart Money? Lastly, Bitmine pointed to market correlations it believes support its “crypto spring” thesis. The company said ETH prices have been correlated with software stocks. It stated that both ETH and the software ETF have been moving higher together in recent months. In its interpretation, the recovery in software stocks during 2026 is additional evidence that “crypto spring” has commenced. At the time of writing, ETH was trading just below the company’s average purchase price of $2,366, but was still holding on to gains of 2.3% over the previous two weeks. Featured image created with OpenArt, chart from TradingView.com
Bitmine Immersion Technologies, the second-largest public crypto holding company, provided a detailed update on its Ethereum (ETH) strategy on Monday, along with broader figures covering its crypto portfolio, including total holdings and so-called “moonshots.” The company said its combined crypto-related positions now reach $13.3 billion, while the key focus for investors remains its Ethereum accumulation, which it says has hit a new high. Bitmine Targets 5% Of Ethereum Supply According to Bitmine’s disclosure, its ETH holdings have reached a record 5,078,386 tokens at $2,369 per ETH. Thomas Lee, the company’s Chairman, emphasized that the milestone was reached during the past week, noting that Bitmine “crossed 5 million this past week.” He framed it as an important step toward a longer-term objective: acquiring 5% of the Ethereum supply. In his remarks, Lee said the speed of accumulation has been “astonishing,” with Bitmine reaching the 5 million mark in roughly 10 months. Related Reading: ‘The Beat Goes On’ – Saylor Hints At Another Bitcoin Buying Spree Lee also pointed to research that supports the idea of Ethereum as a “store of value.” He cited recent reports, including a study by Etherealize, arguing that ETH could increasingly be held as collateral as digital assets become more involved in financial transactions. In his view, Ethereum’s recent performance since the Iran War began has helped demonstrate that role. Lee claimed ETH has outperformed the S&P 500 by 1,696 basis points since the war started, and he added that Ethereum remains the single best-performing asset in the world, aside from crude oil prices. He argued this dynamic reinforces the idea of ETH as a particularly resilient asset in “war-time,” portraying it as both meaningful and distinctive relative to other holdings. Beyond valuation and performance, Lee connected Ethereum’s momentum to two larger trends. He said Ethereum benefits from Wall Street tokenizing activity on the blockchain, and also from the rise of agentic artificial intelligence (AI) systems that, in his framing, increasingly require public and neutral blockchains. Highest Purchase Pace Since December On the trading pace itself, Lee said Bitmine has maintained an increased rate of ETH purchases over each of the past four weeks, describing this as evidence of an ongoing accumulation strategy even amid changing market conditions. He said that in the most recent week, the company bought 101,901 Ethereum, calling it the highest pace of buys since the week of December 15, 2025. Lee also linked the buying strategy to what he referred to as Bitmine’s base case, stating that ETH is in the final stages of a “mini-crypto winter.” Related Reading: Dogecoin Trap Shows A Major Crash, But How Low Will The Price Go? The company also detailed its staking position. As of April 26, 2026, Bitmine reported that its total staked ETH stands at 3,701,589 tokens, which it valued at $8.8 billion using the $2,369 per ETH price. In addition to that figure, Bitmine said its annualized staking revenues are now $264 million. At the time of writing, Ethereum was trading at $2,292. Despite improving market conditions, it retraced 3% on Monday after failing to surpass the $2,400 resistance level. Featured image from OpenArt, chart from TradingView.com
As Ethereum (ETH) retests a crucial support zone, Bitmine, the second-largest crypto treasury, has announced its latest ETH purchase, which pushed the company’s holdings closer to its ultimate goal. Related Reading: Dogecoin (DOGE) Retreats, Can Bulls Reclaim Upside Momentum? Bitmine Reaches Major 4% ETH Milestone On Monday, the largest Ethereum treasury in the world, Bitmine Immersion Technologies, revealed it had reached a major milestone after purchasing roughly $157 million of ETH in the past week. In its latest update, the company shared that it acquired 71,524 ETH over the past week, its highest pace of buys since the week of December 22, 2025. Bitmine’s Chairman, Tom Lee, detailed that the Ethereum treasury “has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter.’” Notably, the company has been ramping up its bet on the King of Altcoins over the past month, significantly increasing its average of 45,000-50,000 ETH purchases from previous weeks. Now, the company’s crypto and cash holdings have reached $11.8 billion at current prices, comprised of 4,874,858 ETH, 198 Bitcoin (BTC), a $200 million stake in Beast Industries, an $85 million stake in Eightco Holdings as part of its “Moonshots” initiative, and unencumbered cash worth $719 million. In addition, Bitmine’s Ethereum holdings have reached 4% of the total ETH supply. This represents a key milestone toward the company’s goal of controlling 5% of the leading altcoin’s 120.7 million supply, which is currently 81% complete. Last week, the treasury firm announced its uplisting to the New York Stock Exchange (NYSE) from the NYSE American on April 9, 2026, and the expansion of the share repurchase program to $4 billion. Ethereum Starts Q2 In Green In the weekly update, Lee also discussed ETH’s performance amid the ongoing conflict between the US and Iran, noting that “this war remains the most important driver of global markets.” He highlighted that “ETH is now the best-performing asset since the start of the war, with a 17.4% gain and outperforming the S&P 500 by 1,830 basis points. And we believe ETH beating gold by 2,743 basis points demonstrates ETH is the wartime store of value.” “Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” he continued. Market observer Daan Crypto Trades pointed out that Ethereum started the quarter “slightly in the green so far,” with a 3.7% increase Quarter-to-Date (QTD), according to CoinGlass data. The trader noted that this quarter “is generally the best quarter, together with Q1, for Ethereum,” as it has ended in green eight out of ten times, with an average and median return of 58.3% and 15.3%, respectively. Related Reading: Bitcoin Bulls Must Hold This Level Or Price Could Crash To $65,000 Again Meanwhile, crypto analyst Ted Pillows highlighted that ETH is back in its $2,150-$2,200 support zone after the weekend pump. Per the post, if this zone holds, the King of Altcoins could rally back above $2,250 and potentially move toward last month’s top near $2,400. Nonetheless, they warned investors about a potential drop if momentum doesn’t hold. “We’ve seen that historical price action has not really been in Crypto’s favor the past year, so take everything with a grain of salt,” Daan cautioned. Featured Image from Unsplash.com, Chart from TradingView.com