Tom Lee’s Bitmine buys 26,497 ETH, lifting holdings to 5.42M ETH

Bitmine Immersion Technologies has added 26,497 ETH over the past week, bringing its Ethereum holdings to 5.42 million tokens as the firm moves closer to its 5% supply target.

In a Monday announcement, Bitmine said its crypto, cash and “moonshots” holdings totaled $11.6 billion as of May 31. The company reported 5,416,901 ETH, 203 Bitcoin, $446 million in cash, a $180 million stake in Beast Industries, and a $93 million stake in Eightco Holdings.

The NYSE-listed company said its ETH position equals 4.49% of Ethereum’s 120.7 million token supply. That puts Bitmine 90% of the way toward its “Alchemy of 5%” goal, which targets 5% of Ethereum’s supply.

“Over the past week, we acquired 26,497 ETH,” Thomas “Tom” Lee, chairman of Bitmine, said.

Lee said ETH prices do not reflect what Bitmine views as stronger Ethereum fundamentals. He also said the company expects to reach its 5% supply target sometime in 2026.

Staked ETH tops 4.7 million

Bitmine said it has staked 4,718,677 ETH, valued at about $9.5 billion using an ETH price of $2,003. The staked amount represents more than 87% of Bitmine’s total ETH holdings.

The company has been building MAVAN, its Made in America Validator Network. The platform was developed to support Bitmine’s own Ethereum treasury and may later serve institutions, custodians and ecosystem partners.

“Annualized staking revenues are now projected at $258 million,” Lee said.

He added that projected rewards could reach $296 million a year if Bitmine fully stakes its ETH through MAVAN and partner platforms, using a seven-day annualized yield of 2.73%.

Ethereum strategy continues under pressure

Bitmine’s latest purchase comes while Ethereum remains under market pressure. ETH has traded near the $2,000 area after failing to recover stronger resistance levels in recent sessions.

As previously reported by crypto.news, Bitmine had already added 71,672 ETH in the week ended May 17, taking its holdings to 5.28 million ETH at that time. That report also noted that the company was moving closer to its 5% supply target.

A later market update said Ethereum still needed to reclaim the $2,500 area to confirm a stronger recovery. It also noted that Bitmine had continued buying during the pullback.

Treasury race stays focused on ETH

Bitmine says it remains the largest Ethereum treasury and the second-largest global crypto treasury behind Strategy. The company also says BMNR is one of the most actively traded U.S. stocks by dollar volume.

The company’s strategy has drawn attention because it concentrates a large share of its balance sheet in ETH. That gives investors exposure to Ethereum price moves, staking income and long-term network growth.

Bitmine’s latest update shows that the company is still buying while ETH trades below earlier highs. The next test is whether the firm can reach its 5% target while managing market volatility and staking risks.