Bitmine Slows ETH Buying After 26,659-ETH Purchase

Bitmine purchased 26,659 ETH, bringing its total holdings to 5,206,790 ETH, equal to 4.31% of Ethereum’s 120.7 million circulating tokens. The company values that holding at about $12.3 billion based on an average price of $2,366 per ETH, according to a company filing.

Chairman Tom Lee wrote in the filing that the firm will reduce its weekly buying pace after months of larger purchases that added more than 1 million ETH so far this year. He noted the prior cadence of over 100,000 ETH per week would have reached the 5% target by mid-July, a reason given for slowing purchases.

Bitmine started 2026 buying roughly 40,000 ETH per week in January and increased purchases to more than 100,000 per week by late April. The April 27 purchase of 101,901 ETH was the largest single-week buy since mid-December 2025. The recent 26,659-ETH acquisition is a marked reduction from those peak weekly totals as the company closes in on its 5% goal.

More than 90% of Bitmine’s ETH is staked. The filing reports 4,712,917 ETH staked through the Made in America Validator Network (MAVAN) and other partner validators, a position the company values at about $11.1 billion at the reported average purchase price. Annualized staking revenue is reported at $319 million and could rise to $352 million if the entire ETH treasury were staked via MAVAN at a seven-day yield of 2.86%. The filing says Bitmine plans to open MAVAN to institutional investors and custodians.

Beyond Ethereum, Bitmine reported combined crypto, cash and investment holdings of $13.4 billion as of May 10, 2026. The portfolio includes 201 Bitcoin, an $88 million position in Eightco Holdings (NASDAQ: ORBS), a $200 million stake in Beast Industries and $775 million in cash. The filing identifies Bitmine as the largest corporate holder of ETH and the second-largest corporate crypto treasury overall.

Bitmine completed an uplisting to the New York Stock Exchange on April 9, 2026 and trades under the ticker BMNR. The filing cites an average daily trading volume of $816 million over the five trading days ending May 8, a figure the filing says ranks among the 150 most actively traded U.S. stocks.

The filing includes a Lee comment on market momentum: “If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain. This has never been seen in a crypto bear market. Thus, a close above $2,100 would validate ‘crypto spring’ has arrived.”