Bitmine Adds $53 Million in Ethereum as ETH Treasury Strategy Nears 5% Supply Target

Bitmine Immersion purchased 26,497 Ether (ETH) during the last week of May, adding roughly $53 million worth of Eth to its balance sheet.

The latest acquisition marks a significant slowdown compared with the previous week, when the company acquired approximately 120,000 ETH in one of its largest buying periods of 2026. The reduced pace follows management’s earlier indication that purchases would become more measured as the company approaches a key ownership milestone.

Ethereum Holdings Reach 5.42 Million ETH

Following the latest purchase, Bitmine’s total Ethereum holdings have climbed to nearly 5.42 million ETH. The amount represents about 4.49% of Ethereum’s circulating supply, placing the company close to its long-term objective of controlling 5% of the network’s available tokens.

The company has accumulated more than 1 million ETH since the beginning of 2026, making it one of the most aggressive corporate buyers of Ethereum in the market.

Treasury Strategy Focuses on Long-Term Growth

Chairman Tom Lee recently stated that Ethereum’s market price does not yet reflect the strength of the network’s fundamentals. He described the current environment as the early stages of a broader crypto market recovery.

As of May 31, Bitmine reported total crypto and cash holdings valued at approximately $11.6 billion. Alongside its Ethereum reserves, the company holds 203 Bitcoin and roughly $446 million in cash.

Staking Revenue Becomes a Key Business Driver

Beyond accumulating digital assets, Bitmine continues to expand its staking operations. The company estimates its staking activities currently generate around $258 million in annualized revenue, with projected rewards nearing $300 million per year through its MAVAN staking platform.