TLDR
- Bitmine Immersion reduced its weekly Ethereum purchases after nearing its long term supply target.
- The company added 26,497 ETH last week, bringing total holdings to about 5.42 million tokens.
- Bitmine now controls roughly 4.49 percent of Ethereum’s circulating supply based on company data.
- Weekly buying dropped more than 75 percent compared to the previous 120,000 ETH purchase.
- The firm has accumulated over one million ETH since the start of 2026.
Bitmine Immersion has reduced its Ethereum purchases after nearing its long-term target of controlling 5% of the network supply.
According to a Monday company update, Bitmine Immersion (BMNR) acquired 26,497 ether last week, valued at about $53 million at current prices. The purchase increased its total holdings to nearly 5.42 million ETH, representing roughly 4.49% of Ethereum’s circulating supply.
Bitmine Holdings Rise as Buying Pace Slows
A week earlier, the company had added 120,000 ETH in its largest single purchase of 2026. The latest transaction shows a decline of more than 75% in weekly accumulation. Bitmine’s chairman, Thomas Lee, had stated at Consensus 2026 that the firm would scale back buying as it approached its supply target.
Since the start of the year, Bitmine has accumulated over one million ETH. Based on company disclosures, the firm has now reached close to 90% of its stated goal.
While Bitmine continues to add to its holdings, other treasury-focused firms have taken different steps. Data cited in the same update noted that Michael Saylor’s Strategy (MSTR) sold about $2.5 million worth of bitcoin last week. This contrast places Bitmine among a smaller group of firms still increasing crypto reserves.
As of May 31, the company reported total crypto and cash holdings of $11.6 billion. Alongside its Ethereum treasury, Bitmine held 203 bitcoin and approximately $446 million in cash. The firm also disclosed equity stakes in Beast Industries and Eightco Holdings.
Staking Revenue Expands Role in Strategy
Beyond accumulation, Bitmine has increased its focus on generating income from its digital assets. Company estimates show that its staking operations produce around $258 million in annualized revenue.
Through its MAVAN staking platform, projected rewards are expected to approach $300 million per year. The firm attributes this growth to increased participation in Ethereum staking activities tied to its expanding treasury.
In the same statement, Thomas Lee said Ethereum fundamentals continue to strengthen, even though price levels have not moved in line with those developments. He added that current conditions remain consistent with what he described as an early phase of a crypto market cycle.