Bitmine Buys 26,497 More ETH, Lifts Holdings to 5.42M as It Nears 5% Supply Target

Tom Lee's Bitmine (BMNR) continued to ramp up its Ethereum position, purchasing another 26,497 ETH over the past week and taking total holdings to 5,416,901 ETH (about 5.42 million). The NYSE-listed miner is working toward an "Alchemy of 5%" objective: owning 5% of Ethereum's total supply. Balance sheet snapshot and other assets As of May 31, Bitmine said its crypto, cash and "moonshots" were worth about $11.6 billion. In a May 26 update, it pegged total crypto plus moonshots at roughly $12.3 billion, using an ETH price of $2,003. Beyond ETH, the firm disclosed holdings that include 203 BTC, $446 million in cash, a $180 million stake in Beast Industries and a $93 million stake in Eightco Holdings. How close it is to the 5% goal Bitmine's ETH position represents about 4.49% of Ethereum's roughly 120.7 million token supply, putting it around 90% of the way to the 5% target. Lee has said the company expects to reach 5% sometime in 2026. Staking footprint and revenue expectations Bitmine said 4,718,677 ETH are already staked, about 87% of its ETH holdings. Using $2,003 per ETH, it values the staked portion at about $9.5 billion. The company estimates annualized staking revenue of $258 million at current levels, and believes that could increase to about $296 million if it stakes the full balance through its MAVAN platform and partners, based on a seven-day annualized yield of 2.73%. What MAVAN is MAVAN (Made in America Validator Network) is Bitmine's in-house staking infrastructure. The company positions it as a treasury security layer and a potential validator-services platform for institutions, custodians and partners. Market backdrop and key risks The buying has continued with ETH trading around $2,000 and facing near-term pressure after failing to regain higher resistance levels. Bitmine also added 71,672 ETH in the week ended May 17, which took its balance at the time to about 5.28 million ETH. Bitmine says it operates the largest Ethereum treasury and the second-largest global crypto treasury, and notes that BMNR is among the most actively traded U.S. stocks by dollar volume. A balance sheet heavily concentrated in ETH offers exposure to price moves, staking yield and long-term network growth. It also sharpens concerns around concentration risk, staking counterparty exposure, and the challenge of managing volatility while pursuing the 5% supply objective. Bottom line Bitmine is further pivoting its treasury strategy toward Ethereum, building a large network stake and a staking engine through MAVAN. Investors are likely to focus on whether it can reach the 5% milestone while navigating ETH price swings and staking-related risks through 2026.