Bitmine Buys 71,672 ETH, Aims for 5% of Ethereum Supply

Bitmine Immersion Technologies reported it bought 71,672 ETH over seven days, bringing its total holdings to about 5,278,462 ether as of May 18, 2026. That position represents roughly 4.37% of the 120.7 million token supply. The company said it expects to reach 5% of circulating ether sometime in 2026.

The Norwalk, Connecticut-based firm disclosed total crypto, cash and “moonshot” assets of $12.6 billion. Its report values the ETH stake at $2,191 per token, and lists $685 million in cash, a $200 million equity position in Beast Industries and an $83 million holding in Eightco Holdings (Nasdaq: ORBS).

Of the 5.28 million ETH, Bitmine has staked 4,712,917 tokens, a position the company values at about $10.3 billion. Using a seven-day staking yield of 2.80%, the staked ether generated roughly $289 million in annualized revenue. Bitmine projects that when its ETH is fully staked through MAVAN and partner validators, annual staking rewards could reach $324 million.

MAVAN, the Made in America Validator Network, is Bitmine’s institutional-grade staking platform. The company launched MAVAN to service its treasury and plans to open the platform to institutional investors, custodians and ecosystem partners.

Tom Lee, Bitmine’s chairman, said the firm took advantage of a recent price pullback of ether below $2,200 to add to its stake. “We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” he said, and noted the company acquired 71,672 ETH in the past week. He also commented that Bitmine is about 87% of the way to its “Alchemy of 5%” target after 11 months of accumulation.

The company uplisted to the New York Stock Exchange from NYSE American on April 9, 2026, and continues to trade under the BMNR ticker. Bitmine reported average daily dollar volume of $857 million over the five-day period ending May 15, 2026, putting it 133rd among 5,704 U.S.-listed equities by that measure.

Bitmine is the largest ethereum treasury and ranks second among all crypto treasuries by value, behind Strategy Inc., which holds 843,738 bitcoin. Investors and backers in Bitmine include Ark Investment Management’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III and MOZAYYX, alongside Tom Lee.

Lee addressed U.S. regulatory developments related to the CLARITY Act, which cleared the Senate Banking Committee and is headed to the full Senate. He said the legislation would provide regulatory clarity for the crypto industry and Wall Street to develop new financial products, and that Bitmine assesses the probability of passage as higher than the 61% implied by betting markets.

The company’s weekly buy and its breakdown between staked and liquid ETH were disclosed in the May 18 report. The filing did not specify where each incremental purchase was executed.