Bitmine made headlines this week by purchasing 26,497 Ethereum (ETH), adding about $53 million worth of the cryptocurrency to its holdings. This latest acquisition marks a dramatic slowdown: compared to the 120,000 ETH acquired the previous week, the company’s pace of buying has dropped by 75 percent. The decrease reflects a broader period of lackluster performance for both Bitmine’s BMNR shares and the price of Ethereum itself.
Company nears 5 percent ETH supply goal
According to recent statements, Bitmine’s total Ethereum reserve has climbed to 5.42 million ETH. This equates to approximately 4.49 percent of the 120.7 million ETH currently in circulation. The company is thus nearing its long-standing goal of holding 5 percent of the total ETH supply—over 90 percent of this target has now been met. Since January, Bitmine has purchased more than 1 million ETH, solidifying its position as the public company with the largest Ethereum treasury.
Chairman Tom Lee remarked that current Ethereum prices do not fully reflect the network’s strengthening fundamentals, but he was unsurprised given that the crypto market is still in the early stages of a recovery phase.
Tom Lee, also a co-founder of Fundstrat, had previously announced at the Consensus 2026 event in Miami that Bitmine planned to deliberately slow its rate of ETH accumulation as it approached the 5 percent threshold. The current figures underline that this approach is already being implemented.
Diversified portfolio and staking strategies
As of May 31, Bitmine reported total crypto and cash assets of $11.6 billion. Its portfolio includes 203 Bitcoin, $446 million in cash, a $180 million stake in Beast Industries, and a $93 million holding in Eightco Holdings. These diverse holdings indicate Bitmine is building a broad-based balance sheet, not just focusing on Ethereum.
Glossary: Staking involves locking certain crypto assets to support network security and validation. Participants who stake Ethereum can earn rewards, making staking a significant source of steady yield, especially for large institutional wallets.
The firm disclosed that out of its 5.4 million ETH holdings, roughly 4.7 million ETH are staked through the MAVAN platform, making Bitmine the world’s largest institutional participant in Ethereum staking. The company estimates its annual staking income currently stands at $258 million, a figure projected to rise to $300 million by the end of 2026.
Market pressures and cautious accumulation
Bitmine’s decision to reduce its buying speed comes at a time of general market weakness. BMNR shares have dropped 38 percent over the past year, now trading around $19.27. Meanwhile, Ethereum’s price has slid by about 1.8 percent in the last 24 hours to $1,980. Such market conditions may be prompting Bitmine to pursue a more careful acquisition strategy.
Over the same period, Bitcoin lost about 2.5 percent of its value and briefly slipped below $72,000. This followed news from Michael Saylor’s company, Strategy, announcing its first Bitcoin sale since 2022; the firm sold 32 BTC for $2.5 million to help cover dividend payments.
Market watchers are comparing the drop in BMNR shares to gains elsewhere. Notably, Hyperliquid Strategies shares are approaching record highs, while Hyperliquid’s native token has surpassed $74, ranking it among the top 10 cryptocurrencies by market capitalization. These developments are contributing to the pressure facing Bitmine.
To hit its 5 percent ETH supply target, Bitmine still needs to purchase about 61,000 more ETH. If last week’s buying pace continues, that level could be reached in roughly two weeks. However, recent figures demonstrate the company is moving more cautiously as it nears this milestone.
