Bitmine Immersion Technologies has intentionally slowed its Ethereum accumulation after surpassing 5.2 million ETH, roughly $12.1 billion at current prices, making it the largest public-company ETH treasury.
Last week the firm bought 26,659 ETH (about $63 million), a sharp drop from the more than 100,000 ETH it had been acquiring weekly in recent months. Chairman Tom Lee said the company cut the pace because continued buying at the previous rate would have taken Bitmine to its 5%-of-supply target by mid-July. Bitmine now holds about 4.31% of Ethereum’s circulating supply (approximately 120.7 million ETH).
The company had originally expected to reach a 5% holding by late 2026, but the aggressive accumulation this year accelerated that timeline, prompting the reassessment. Since the start of 2026 Bitmine has added more than 1 million ETH to its treasury.
Staking is a central part of Bitmine’s strategy. The firm has staked 4,712,917 ETH—over 90% of its ETH holdings—generating an estimated $319 million in annualized staking rewards based on a recent seven-day yield of 2.86%. That position makes Bitmine the largest ETH staker among publicly traded companies.
Bitmine’s broader balance sheet stood at $13.4 billion as of May 10, including 201 BTC, a $200 million equity stake in Beast Industries, and $775 million in cash. The company also launched the MAVAN staking platform earlier in 2026, aimed at serving institutional clients alongside its own treasury needs.
Lee has framed the firm’s outlook around two structural drivers for Ethereum’s future growth: institutional tokenization on Wall Street and the rise of agentic AI systems that rely on public blockchains for payments and verification. He has also pointed to recent price action as evidence of a market turnaround, noting that if ETH closes above $2,100 at the end of May it would mark three consecutive monthly gains—a pattern not seen during a crypto bear market.
In short, Bitmine’s move is a deliberate rebalancing: continued accumulation remains part of the plan, but the firm is moderating weekly buys after a rapid surge in holdings to manage timing and signaling as it approaches its supply threshold.