Tom Lee'S Bitmine Now Holds 4.31% Of Ethereum Supply

Bitmine Crosses 5.21 Million ETH as Accumulation Drive Slows

Bitmine Immersion Technologies (@BitMNR) has disclosed that its Ethereum holdings have reached 5,206,790 $ETH, representing 4.31% of the total ETH supply of 120.7 million tokens. The update, published on May 11, 2026, marks another milestone in the company's stated goal of acquiring 5% of all circulating Ether.

Bitmine has sharply slowed its purchase pace after months of aggressive buying. The firm added 26,659 ETH last week, worth roughly $63 million, which is approximately a quarter of its average weekly haul over the prior period. Chairman Tom Lee signalled the moderation, noting the firm has now accumulated more than 1 million ETH since the start of 2026 and is nearing its long-term supply target.

Bitmine's combined crypto, total cash, and "moonshot" holdings now stand at $13.4 billion. The portfolio includes 5,206,790 $ETH valued at $2,366 per token, 201 Bitcoin, a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings (NASDAQ: ORBS), and $775 million in cash.

MAVAN Staking Platform Drives Projected $352 Million in Annual Rewards

As of May 10, 2026, Bitmine's total staked ETH stands at 4,712,917, valued at approximately $11.1 billion at $2,366 per $ETH. The staking operations run through MAVAN, the Made in America VAlidator Network, which serves as a staking destination for BMNR and institutional investors, with a focus on security, performance, and resilience.

At full scale, when Bitmine's ETH is fully staked by MAVAN and its partners, the projected annual staking reward is $352 million, based on a 2.86% seven-day BMNR yield. While MAVAN was originally developed to support Bitmine's own Ethereum treasury, the platform intends to expand to serve institutional investors, custodians, and ecosystem partners.

Bitmine's crypto holdings rank it as the number one Ethereum treasury and the number two global crypto treasury, behind Strategy Inc. The company uplisted to the @NYSE from NYSE American on April 9, 2026 and continues to trade under the ticker $BMNR. Its institutional investor base includes ARK Investment Management, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital.

Lee has framed the current environment as the start of a new market cycle. He cited Wall Street's move to tokenization and the growing demand from agentic AI systems as the two primary future drivers for Ethereum.

Sources:
Bitmine Immersion Technologies official press release via PR Newswire, May 11, 2026
CoinDesk: Bitmine slows ETH purchases after buying 1 million tokens in 2026