Bitmine Slows ETH Accumulation Below 100K Weekly Pace

Bitmine Immersion Technologies (BMNR), chaired by Tom Lee, has reached 5,206,790 ETH holdings worth approximately $12.1 billion at current prices, according to a Monday announcement. The company acquired 26,659 ETH since its May 4 update, bringing total crypto and cash holdings to $13.4 billion.

Slowing Accumulation Pace

Bitmine announced it is reducing its weekly Ethereum accumulation pace from the original target of over 100,000 ETH per week. “We have decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the ‘alchemy of 5%’ target in late 2026. Our previous pace of >100k weekly buys would have us reach 5% by mid-July,” Lee stated in the announcement.

At current prices, the latest acquisition of 26,659 ETH is worth approximately $62.1 million. Bitmine did not disclose the average purchase price of the acquisition.

Holdings and Staking Operations

As of May 10, Bitmine also holds 201 BTC ($16.3 million), an $88 million stake in Eightco, and total cash of $775 million. The company’s ETH holdings represent approximately 4.3% of Ethereum’s current circulating supply of approximately 120.7 million ETH, according to The Block’s price data.

Bitmine’s total staked Ethereum stands at 4,712,917 ETH ($11 billion). According to Lee, “Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $352 million annually (using 2.86% 7-day BMNR yield). Annualized staking revenues are now $319 million. 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).”

Market Commentary and Future Drivers

“‘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. He identified two primary future drivers for Ethereum: Wall Street’s move to tokenization and agentic AI.

Lee highlighted a potential validation point for the “crypto spring” narrative: “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. Thus, a close above $2,100 would validate ‘crypto spring’ has arrived.”

Largest Ethereum Treasury Holder

Bitmine remains the largest Ethereum treasury holder, followed by Joe Lubin’s SharpLink with approximately 872,984 ETH and The Ether Machine with approximately 496,712 ETH, according to Strategic Ethereum Reserve (SER) data.

Bitmine is the second-largest public crypto treasury company overall, behind Michael Saylor’s Strategy, which holds 818,869 BTC ($66.5 billion) — equivalent to more than 3.9% of Bitcoin’s 21 million supply cap. Strategy announced a $43 million Bitcoin acquisition earlier on Monday.

Institutional Support and Listing

Bitmine is supported by institutional investors including Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. The company recently announced its uplisting to the New York Stock Exchange (NYSE) from NYSE American on April 9, 2026.