Bitmine Immersion Technologies reported that its Ethereum holdings have increased to 5.28 million ETH, representing roughly 4.37% of Ethereum’s estimated circulating supply of 120.7 million ETH.
The company further said that its combined holdings across crypto, cash, and strategic “moonshot” investments totaled $12.6 billion as of May 17.
Bitmine Nears Its 5% Ethereum Goal
During the past week alone, Bitmine acquired an additional 71,672 ETH. Its total staked Ethereum now stands at 4,712,917 ETH, with an estimated value of about $10.3 billion based on an ETH price of $2,191. The company noted that nearly 89% of its Ethereum treasury is currently staked, producing annualized staking revenue of approximately $289 million and a reported 7-day staking yield of 2.80%.
Bitmine said it has reached about 87% of its long-term objective to hold 5% of Ethereum’s total supply, a milestone Chairman Tom Lee expects could be achieved sometime in 2026. Beyond its ETH holdings, Bitmine’s portfolio includes 202 Bitcoin, $685 million in cash, a $200 million stake in Beast Industries, and an $83 million position in Eightco Holdings, which the company described as one of the few publicly traded firms providing indirect exposure to OpenAI.
To support its treasury operations and planned expansion into institutional services, Bitmine recently launched MAVAN (Made in America Validator Network), an institutional-grade Ethereum staking platform. Part of the company’s ETH is already staked through MAVAN, and the platform is intended to scale to custodians, institutional investors, and ecosystem partners.
Ethereum Price Pressure
Ethereum briefly fell to $2,097 on Monday, its lowest level since April 7, amid broader selling pressure across crypto markets. At the time of reporting, ETH traded around $2,132, down nearly 3% over 24 hours. In response to the decline, Tom Lee pointed to rising oil prices as a key factor in ETH’s recent weakness. He noted that the inverse correlation between ETH and oil is at its highest level on record and observed that Ethereum prices have moved lower over the past six weeks as oil has risen.
Lee suggested that a reversal in oil prices could help ETH recover in the near term. Nonetheless, he said the recent pullback does not alter his longer-term view, which remains supported by growth in tokenization and rising demand from agentic AI systems. He characterized the sell-off as an attractive buying opportunity for long-term investors.