Bitmine Adds $92M ETH, On Pace for 5% Supply Goal
In brief
- Bitmine purchased 52,203 ETH last week for approximately $92 million at $1,760 per coin
- Holdings total 5.67 million ETH worth nearly $10 billion, representing 4.7% of circulating supply
- Firm is 94% toward 5% acquisition target, on pace to reach goal in 2026
- 4.72 million ETH staked, generating projected $223 million annualized revenue
- Tom Lee reaffirmed bullish Ethereum outlook amid crypto spring recovery
Slowing pace, steady goal
Bitmine bought 52,203 ether last week at an ETH price of around $1,760, though the latest acquisition was smaller than the previous two weeks' purchases. The company's holdings now represent 4.7% of Ethereum's circulating supply, putting it 94% of the way toward its long-standing goal of acquiring 5% of the network's total supply. Bitmine remains on pace to reach that target later in 2026.
The buying slowdown comes after Bitmine raised approximately $274 million through the sale of 3.5 million shares of Series A Perpetual Preferred Stock earlier this month. The firm's cash and marketable securities stood at $601 million, providing runway for continued accumulation.
"We continue to maintain a steady pace of accumulation throughout 2026," Bitmine Chairman Tom Lee said in a statement.
Staking and yield
Bitmine currently has 4.72 million ETH staked — more than 83% of its holdings. The company projects annualized staking revenue of roughly $223 million, with potential staking rewards reaching $268 million annually through its MAVAN staking platform.
Lee's crypto spring thesis
Tom Lee reaffirmed his long-term bullish stance on Ethereum, arguing that growing demand from tokenization and artificial intelligence applications will drive adoption. The recent market pullback hasn't shifted his conviction. Lee said the recent pullback has not changed his broader outlook.
It's worth noting that Lee's public calls haven't always hit. At Consensus Miami last month, he argued the bear market would be "definitely" over if bitcoin closed May above $76,000. BTC finished the month below $74,000. Still, his belief in the broader cycle remains intact. Lee believes the crypto market is in the early stages of a recovery, describing it as "crypto spring".
