Institutional crypto investment giant Bitmine has updated its Ethereum accumulation strategy, signaling a significant shift in its approach. Last week, the company bought a total of 26,659 ETH. While sizable, this is a notable slowdown compared to previous weeks in 2026, when weekly purchases often exceeded 100,000 ETH. With this latest batch, Bitmine’s total Ethereum holdings have reached 5,206,790 ETH, accounting for 4.31 percent of the entire circulating supply. The company aims to increase this figure to 5 percent.
Target size and strategy shift
As a publicly traded cryptocurrency company based in the United States, Bitmine drew attention in 2026 with its aggressive purchasing of Ethereum. Company president Tom Lee recently confirmed that the fast-paced buying strategy at the year’s start has now been reined in. Lee indicated that with a reduced weekly buying rate, reaching the 5 percent milestone is now projected for July, instead of earlier plans.
Bitmine’s accumulation of ETH has been steady in recent months. January’s weekly purchases hovered around 40,000 ETH, growing to over 100,000 ETH by late April. On April 27, Bitmine made its largest single purchase of the year with a one-time buy of 101,901 ETH.
Tom Lee underscored the strategy change, noting, “We decided to reduce our weekly acquisition volume from above 100,000 to a lower level. With our previous pace, we would have achieved the 5 percent goal by mid-July.”
This change suggests Bitmine may be diversifying its investment focus. However, there is no official word yet on which new areas the company might target next.
Staking income and valuation rise
Bitmine stakes over 90 percent of its Ethereum assets (4,712,917 ETH) through its own Made in America Validator Network (MAVAN). At an average acquisition price of $2,366 per ETH, the holdings are worth approximately $11.1 billion.
Tom Lee stated that the current annual staking yield stands at $319 million. If the seven-day yield remains at 2.86 percent and all ETH is staked, annual staking revenue could reach $352 million.
Lee added, “Our staking income has risen to $319 million per year. Should the seven-day return stay at 2.86 percent and we stake the full portfolio, income could hit $352 million.”
Though MAVAN was initially developed exclusively for Bitmine, the company now plans to open the platform to institutional players and custodians in the near future.
Portfolio breakdown and industry standing
As of May 10, 2026, Bitmine’s full portfolio is valued at $13.4 billion. Beyond Ethereum, Bitmine owns 201 Bitcoin, holds $88 million in Eightco Holdings, and $200 million in Beast Industries. Additionally, it maintains cash reserves of $775 million.
The scale of Bitmine’s Ethereum holdings makes it the leading institutional ETH investor globally. In terms of total institutional crypto portfolio size, Bitmine ranks second behind Strategy Inc., which currently holds 818,334 Bitcoin valued at $66.6 billion.
Tom Lee emphasized that the recent rebound in ETH prices has coincided with rising software stocks and could indicate the dawn of a new “crypto spring.”
Lee observed, “If Ethereum closes above $2,100 at the end of May, that will mark three consecutive monthly gains. No previous bear market has ever shown such a pattern. This would confirm the start of crypto spring.”
Looking ahead, Lee sees persistent appeal in Ethereum, citing two main drivers: the increasing adoption of blockchain-based tokenization in global finance, and the growing requirements for open, trusted networks to support artificial intelligence systems.
In April 2026, Bitmine graduated from NYSE American to the primary New York Stock Exchange. Traded as ‘BMNR’, the stock averaged $816 million in daily volume during the first five days of May, making it the 149th most-traded equity in the United States.
