Bitmine Immersion Technologies has expanded its Ethereum position to a level that places it among the largest holders of the asset globally, as the company pushes toward a stated goal of controlling 5% of total supply.

The company disclosed on May 26 that its combined crypto, cash, and “moonshots” holdings reached $12.3 billion, according to a PRNewswire release. Its Ethereum treasury now totals 5,390,404 ETH, which represents about 4.47% of the 120.7 million ETH supply.

The scale of accumulation has accelerated in recent weeks. Bitmine added 111,942 ETH in a single week, a purchase worth more than $237 million. That move marked the firm’s largest ETH acquisition of 2026 so far.

Chairman Thomas “Tom” Lee described the strategy in the company statement:

“We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic-AI. And thus, we continue to steadily acquire ETH, with Bitmine now owning nearly 5.4 million ETH tokens.”

Treasury strategy pushes toward supply concentration

Bitmine’s accumulation pace has placed it 89% of the way toward its internal “alchemy of 5%” milestone, which refers to ownership of 5% of Ethereum’s circulating supply. The company expects to reach that threshold sometime in 2026.

Lee also pointed to recent price movements as a catalyst for additional purchases.

“Over the past week, we acquired 111,942 ETH. We view the recent pullback of ETH to below $2,200 as an attractive opportunity. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026,” he said.

Ethereum has traded below $2,200 in recent sessions, after a broader decline that left the asset more than 50% below its August 2025 peak of $4,946.

Bitmine’s approach mirrors a treasury model that prioritizes long-term accumulation. The company continues to add assets during market downturns rather than reducing exposure.

Staking operations emerge as core revenue driver

A large portion of Bitmine’s Ethereum holdings sits in staking infrastructure. As of May 25, the company reported 4,712,917 staked ETH, valued at about $10.1 billion using a price of $2,134 per ETH.

The company expects staking to generate meaningful income. Lee stated,

“Annualized staking revenues are now $276 million. And this 4.7 million ETH is over 87% of the 5.39 million ETH held by Bitmine. Bitmine’s own staking operations generated a 7-day yield of 2.75% (annualized).”

Bitmine launched its staking platform, MAVAN, or Made in America VAlidator Network, to support these operations. The platform targets institutional investors and partners who require large-scale, secure staking infrastructure.

The company has indicated that MAVAN will expand beyond internal use. It plans to offer services to custodians and ecosystem participants that seek exposure to Ethereum staking yields.

Public market presence expands with NYSE listing

Bitmine’s growth strategy has unfolded alongside changes in its public market status. The company uplisted to the New York Stock Exchange on April 9, 2026, after previously trading on NYSE American.

The stock trades under the ticker BMNR and has drawn significant liquidity. Fundstrat places the stock as the 193rd most traded in the United States, with an average daily volume of $572 million over a five-day period ending May 22.

Google Finance data shows Bitmine shares rose about 3.3% in recent trading following the latest Ethereum purchase disclosures, although the stock remains down over longer time frames, including a decline of more than 38% over six months.

The company may see additional demand from index inclusion. It is expected to join the Russell 1000, which tracks large-cap US equities and often attracts passive investment flows.

Broader crypto exposure and investment portfolio

Bitmine’s holdings extend beyond Ethereum. The company reported 203 Bitcoin, $444 million in cash, a $200 million stake in Beast Industries, and a $95 million stake in Eightco Holdings.

The Eightco investment stands out as one of the few public equity exposures tied indirectly to OpenAI, according to the company statement.

Bitmine also described itself as the largest Ethereum treasury globally and the second-largest crypto treasury overall, behind Strategy Inc., which holds a large Bitcoin position.

The company has secured backing from a group of institutional investors that includes Cathie Wood of ARK, Founders Fund, Pantera, Kraken, Digital Currency Group, Galaxy Digital, and Thomas “Tom” Lee.

Early constraints and operational pressure

Despite the scale of its holdings, Bitmine faces operational challenges tied to its model. Treasury-heavy strategies depend on asset prices and yield generation. Ethereum’s recent price decline has tested that approach.

Staking has emerged as a response to those pressures. More than 39.2 million ETH, or about 32% of supply, is currently staked, according to Validator Queue data. That figure reflects a shift toward yield-based strategies among large holders.

Companies that hold crypto on balance sheets must compete with exchange-traded funds that offer direct exposure. This dynamic has pushed firms like Bitmine to demonstrate revenue generation beyond simple asset accumulation.

Outlook tied to AI and tokenization themes

Bitmine has linked its long-term thesis to developments in artificial intelligence and financial infrastructure. Lee has cited tokenization and agentic AI systems as drivers of future demand for Ethereum.

The company also pointed to regulatory developments such as the GENIUS Act and the Securities and Exchange Commission’s Project Crypto as potential catalysts for broader adoption.

For now, Bitmine continues to focus on accumulation and staking. Its progress toward the 5% supply target remains a central benchmark for investors and the wider crypto market.

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