Bitmine Immersion Technologies has expanded its Ethereum portfolio by purchasing 26,497 ETH within the past week, bringing its total holdings to 5.42 million tokens. This move inches the company closer to its ambitious goal of controlling 5% of Ethereum’s total supply. As of May 31, the firm reported $11.6 billion in combined crypto, cash, and moonshot investments, including 5,416,901 ETH, 203 Bitcoin, $446 million in cash, along with stakes in Beast Industries and Eightco Holdings.
Thomas Lee, chairman of Bitmine, confirmed the recent acquisition and expressed confidence in Ethereum’s fundamentals, suggesting that current market prices do not fully reflect the network’s potential. The company currently holds 4.49% of Ethereum’s supply, meaning it is 90% of the way toward its 5% target, which Lee anticipates reaching sometime in 2026.
A significant portion of Bitmine’s ETH—over 87% or 4.7 million tokens—has been staked through its proprietary MAVAN (Made in America Validator Network). This staking contributes to annualized revenues projected at $258 million, with the potential to rise to $296 million if all ETH is fully staked at a 2.73% yield.
The purchase comes amid ongoing market pressure for Ethereum, which has been trading near the $2,000 level after failing to break higher resistance. Despite this, Bitmine continues to accumulate, having added 71,672 ETH earlier in May. The company’s strategy remains unique, focusing on a concentrated ETH treasury that provides investors with exposure to price movements and staking income. Bitmine positions itself as the largest Ethereum treasury and one of the most actively traded U.S. stocks by volume.