TLDR
- Bitmine held 5,206,790 ETH on May 10, 2026, representing 4.31% of Ethereum’s 120.7M token supply.
- Bitmine added 26,659 ETH last week, slowing from prior weekly purchases of more than 100,000 ETH.
- Tom Lee said Bitmine is slowing ETH accumulation because its prior pace would reach the 5% supply target by mid-July.
- Bitmine had 4,712,917 ETH staked as of May 10, valued at about $11.1B at $2,366 per ETH.
- Bitmine said annualized staking revenue reached $319M, with projected rewards of $352M when fully staked.
Tom Lee’s Bitmine Immersion Technologies held 5,206,790 Ethereum tokens as of May 10, 2026, making it the largest publicly traded Ethereum treasury company and one of the biggest corporate crypto holders globally.
The company said its ETH holdings were valued at about $12.3 billion, based on an Ethereum price of $2,366. Bitmine’s position represents 4.31% of Ethereum’s total supply of about 120.7 million ETH.
Bitmine also reported 201 Bitcoin, a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and $775 million in total cash. The company described the Beast Industries and Eightco Holdings positions as “moonshots.”
The latest update places Bitmine behind Strategy in global crypto treasury rankings. Strategy, led by Michael Saylor, holds more than 818,000 Bitcoin and remains the largest corporate crypto treasury by dollar value.
Bitmine’s Ethereum strategy has expanded quickly since the start of 2026. The company said it has acquired more than 1 million ETH this year and continues to build its position around staking, treasury yield and long-term exposure to Ethereum’s role in tokenization and artificial intelligence.
Bitmine Slows Weekly Ethereum Purchases
Bitmine added 26,659 ETH last week, worth about $62 million based on recent market prices. That marked a slower purchase pace compared with previous weeks, when the company bought more than 100,000 ETH per week for three straight periods.
Tom Lee, Bitmine’s chairman, said the company decided to reduce its weekly accumulation speed because its earlier pace would have pushed it to its target too quickly. Bitmine has aimed to reach what it calls the “alchemy of 5%,” or ownership of 5% of Ethereum’s total supply.
Lee said the company originally expected to reach that target in late 2026. At the prior pace of more than 100,000 ETH per week, Bitmine would have reached 5% by mid-July.
The company is now more than 86% of the way toward that goal. Reaching 5% of Ethereum supply would require just over 6 million ETH, based on the current supply figure.
Lee has said Bitmine intends to hold and stake its Ethereum rather than actively trade it. He argued that this approach reduces available ETH supply because a large portion of Bitmine’s holdings is removed from liquid circulation.
Staking Revenue Becomes Core Strategy
Bitmine said 4,712,917 ETH was staked as of May 10. That equals more than 90% of the company’s total Ethereum holdings and was valued at about $11.1 billion at $2,366 per ETH.
The company said its annualized staking revenue now stands at about $319 million. Lee said that when Bitmine fully stakes its ETH through MAVAN and other staking partners, projected annual staking rewards could reach about $352 million, based on a 2.86% seven-day annualized yield.
Bitmine recently launched MAVAN, the Made in American Validator Network. The platform was developed to support Bitmine’s own Ethereum treasury, but the company plans to expand it for institutional investors, custodians and ecosystem partners.
A portion of Bitmine’s ETH is already staked through MAVAN. The company is positioning the platform as institutional-grade staking infrastructure for entities that want Ethereum staking exposure with operational controls.
Staking gives Bitmine a recurring revenue source linked to its ETH holdings. That model differs from companies that only hold crypto assets as balance-sheet reserves without generating protocol rewards.
Ethereum Market Watches $2,100 and $2,450 Levels
Lee said Ethereum’s May close remains a key market level. He said a monthly close above $2,100 would give ETH a third consecutive monthly gain, which he said has not occurred during a crypto bear market.
Based on that view, Lee said a May close above $2,100 would support the idea that “crypto spring” has started. Ethereum recently traded near $2,315, staying well above that threshold.
Ethereum has also traded in a range between about $2,250 and $2,450 after rebounding roughly 33% from earlier lows. Analysts said derivatives activity has cooled, with leverage declining near the $2,450 resistance area.
Source: X
Open interest rose by about $4.5 billion during Ethereum’s rally, showing that derivatives activity increased as ETH recovered. More recently, leverage has dropped, which may help stabilize price action if spot demand increases.
Funding rates have turned positive after a period of bearish positioning. That suggests traders have become more optimistic, but analysts said Ethereum still needs stronger spot buying to break above resistance.
