Bitmine's ETH stash hits 5.28M as it edges closer to a 5% supply goal
Bitmine Immersion Technologies said its Ethereum holdings have climbed to 5.28 million ETH, equivalent to about 4.37% of Ethereum's 120.7 million circulating supply. The company added that its combined cryptocurrency, cash and "moonshot" holdings totaled $12.6 billion as of May 17.
The company reported a net increase of 71,672 ETH over the past week. Total staked Ethereum holdings reached 4,712,917 ETH, valued at roughly $10.3 billion using an ETH price of $2,191. Bitmine said nearly 89% of its ETH treasury is now staked, producing annualized staking revenue of about $289 million, with a reported seven-day staking yield of 2.80%.
In the same update, Bitmine said it is 87% of the way toward a long-term objective of owning 5% of Ethereum's total supply. Chairman Tom Lee said the target could be reached sometime in 2026.
Beyond its ETH position, the company disclosed holdings of 202 Bitcoin, $685 million in cash, a $200 million stake in Beast Industries, and an $83 million position in Eightco Holdings, which it described as one of the few publicly traded firms offering indirect exposure to OpenAI.
Bitmine also recently launched MAVAN—short for Made in America VAlidator Network—an institutional-grade Ethereum staking platform intended to support its treasury operations and later broaden access to custodians, institutional investors and ecosystem partners. Part of the company's ETH is already being staked through the platform.
Ethereum prices remained under pressure. ETH briefly fell to $2,097 on Monday, its lowest level since April 7, amid broader crypto-market selling. At the time of writing, ETH was around $2,132, down nearly 3% over the past 24 hours.
Commenting on the move, Lee pointed to higher oil prices as a key factor behind recent weakness in the second-largest cryptocurrency. In a post on X, he said ETH's inverse correlation with oil is at an all-time high, and noted that ETH has trended lower over the past six weeks as oil climbed. A pullback in oil could support a near-term rebound in ETH, he added.
Lee said the latest decline does not alter his longer-term view, which he sees underpinned by tokenization and rising demand from agentic AI systems, and characterized the pullback as an "attractive opportunity."
