Bitmine Immersion continued expanding its Ethereum reserves last week, purchasing 26,497 ETH in a transaction valued at approximately $53 million at current prices. The company’s update on Mo
Bitmine Immersion continued expanding its Ethereum reserves last week, purchasing 26,497 ETH in a transaction valued at approximately $53 million at current prices. The company’s update on Monday confirmed the acquisition, which pushes Bitmine’s total ETH holdings to an impressive 5.42 million.
With this latest purchase, Bitmine now holds around 4.49% of all ETH in circulation. This significant share positions the company as one of the largest public entities focused on Ethereum treasury management. Bitmine has accumulated more than 1 million ETH since the start of the year, reinforcing its commitment to the asset.
However, the pace of acquisition has notably slowed compared to previous weeks. The company bought 120,000 ETH just one week prior, making this week’s purchase a decrease of more than 75% on a weekly basis.
Thomas Lee explained that recent improvements in Ethereum’s fundamental indicators have not yet been fully reflected in market prices, but he found this unsurprising given that the crypto market is still in the early stages of recovery.
Bitmine’s board chairman Tom Lee previously stated at the Consensus 2026 conference in May that the company planned to moderate its accumulation rate as it approached its long-term goal of holding 5% of the total Ethereum supply. The latest data suggests that Bitmine has begun implementing this strategy.
Despite the slower purchase rate, Bitmine remains among the few major corporations steadily growing its digital asset reserves. Notably, the report referenced that Strategy, led by Michael Saylor, sold $2.5 million worth of Bitcoin last week. In contrast, Bitmine’s continued buying spree stands out within the industry.
Bitmine is now in close reach of its stated goal: to control 5% of the total Ethereum supply. With the latest figures, the company has achieved about 90% of this target. Bitmine Immersion has solidified its reputation as a public company committed to amassing significant digital asset reserves.
As of May 31, Bitmine’s total cryptocurrency and cash holdings stood at $11.6 billion. In addition to its ETH reserves, the company owns 203 Bitcoin, $446 million in cash, and investments in Beast Industries and Eightco Holdings.
Bitmine’s recent strategy places a greater emphasis on generating income from its assets. In this context, its staking operations are estimated to yield an annualized income of nearly $258 million. Returns from the MAVAN staking platform alone are projected to approach $300 million a year.
Glossary: Staking refers to locking up certain cryptocurrencies in order to support network security, receiving rewards in return. On the Ethereum network, staking is a central part of the validator system and has become a major revenue source for institutional investors seeking additional returns from their holdings.
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