What did Bitmine Immersion (BMNR) buy last week?

Bitmine Immersion (BMNR) purchased 26,497 ETH worth about $53 million last week. The acquisition increased the company's Ethereum holdings to roughly 5.42 million ETH, representing about 4.49% of Ethereum's circulating supply.

Why did Bitmine Immersion (BMNR) slow its Ethereum buying?

Bitmine reduced its buying pace because it is approaching its long-term target of owning 5% of Ethereum's circulating supply. Chairman Tom Lee previously said the company planned to moderate purchases as it neared that milestone.

How much did Bitmine Immersion (BMNR) reduce its ETH purchases?

The latest purchase was more than 75% smaller than the previous week's acquisition of 120,000 ETH. This marks a significant slowdown in accumulation after one of the company's largest buying weeks of 2026.

How much Ethereum does Bitmine Immersion (BMNR) own now?

Bitmine holds approximately 5.42 million ETH, making it the largest publicly traded Ethereum treasury company. The position represents around 4.49% of Ethereum's total circulating supply and puts the company close to its 5% ownership target.

Why does Bitmine's Ethereum accumulation matter to investors?

Large-scale ETH purchases reduce the amount of Ethereum available in the market and increase institutional exposure to the asset. Bitmine's strategy effectively gives investors a publicly traded vehicle with significant Ethereum holdings and staking exposure.

What is Bitmine Immersion's (BMNR) long-term Ethereum strategy?

Bitmine is pursuing a treasury strategy focused on accumulating ETH and generating income through staking. The company has acquired more than 1 million ETH since the start of 2026 and aims to own 5% of Ethereum's supply while earning staking rewards.

How much revenue does Bitmine generate from staking Ethereum?

Bitmine estimates its staking operations generate approximately $258 million in annualised revenue. Through its MAVAN staking platform, the company expects annual staking rewards to approach $300 million.

What does Tom Lee think about Ethereum's current price?

Tom Lee believes Ethereum's market price does not fully reflect improving network fundamentals. He described the current market environment as being in the early stages of a potential "crypto spring," though this remains management's opinion rather than a guaranteed outcome.

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Bitmine trims Ether buying as 5% goal nears

Written by Heidi Cuthbert Published Jun. 1 2026Last Updated Jun. 1 2026

Bitmine Immersion slowed its Ethereum accumulation strategy last week, purchasing 26,497 ETH worth approximately $53 million as it moves closer to its long-term ownership target.

The acquisition increased the company’s holdings to nearly 5.42 million ETH, equivalent to about 4.49% of Ethereum’s circulating supply, according to an update released on Monday.

The latest purchase represented a sharp slowdown from the previous week, when Bitmine acquired 120,000 ETH in its largest single purchase of 2026.

“ETH prices are not reflecting the strengthening of Ethereum fundamentals,”

Said Bitmine Chairman Tom Lee.

“But then again, this is not surprising given we are in the early stages of crypto spring.”

He added.

Lee previously indicated at Consensus 2026 that the company would reduce the pace of acquisitions as it approached its stated goal of owning 5% of Ethereum’s supply, a target it has now reached approximately 90%.

Despite the slower buying activity, Bitmine remains one of the few major digital asset treasury firms still expanding its cryptocurrency holdings, having acquired more than one million ETH since the beginning of the year.

The company reported total crypto and cash holdings of $11.6 billion as of May 31, including 203 Bitcoin, $446 million in cash and equity stakes in Beast Industries and Eightco Holdings, while its staking operations are generating an estimated $258 million in annualised revenue through its MAVAN platform.

At the time of reporting, Ethereum price was $1,964.74.