Bitmine Immersion (BMNR) said on Monday that its Ethereum (ETH) holdings have 
continued to climb, reaching 5 million tokens and getting closer to the 
company’s longer-term goal of owning 5% of the total ETH supply. The firm 
described the update as evidence that a “crypto spring” has begun, and used 
the announcement to reinforce why it believes ETH matters not only as an 
asset, but also as a form of diversification for investors. What’s In Bitmine 
Immersion’s Portfolio? According to Bitmine’s disclosure, the company controls 
more than 4.31% of ETH’s total supply of 120 million coins. The release also 
breaks down its overall crypto and non-crypto holdings as of May 10. Bitmine 
reported 5,206,790 ETH valued at $2,366 per ETH, along with 201 Bitcoin (BTC). 
Beyond the major cryptocurrencies, the company said it has a $200 million 
stake in Beast Industries, an $88 million stake in Eightco Holdings, and total 
cash of $775 million. Related Reading: Strategy May Be Buying Bitcoin Again 
Despite Q1 Sell Talk Bitmine also provided figures on staking. As of May 10, 
it said its total staked ETH stands at 4,7 million, which it valued at $11.1 
billion using the same $2,366 per ETH reference. The company added that its 
staked ETH volume is higher than that of other entities globally. “Bitmine has 
staked more ETH than other entities in the world,” the company’s CEO Tom Lee 
said in the release. He continued that, at scale, the projected staking reward 
is $352 million annually, based on a 2.86% 7-day BMNR yield. Lee tied the 
company’s accumulation strategy to broader market drivers. He said the firm 
wants to highlight the role of owning ETH as a diversification tool, alongside 
the factors he believes could push the next “crypto bull” phase. Is ‘Crypto 
Spring’ Already Here? Bitmine also disclosed that its buying and staking 
activity is directly contributing to reduced circulating supply. Lee stated 
that, since the start of 2026, the company has acquired over 1 million ETH and 
accumulated more than 4.3% of the total supply. He said Bitmine intends to 
hold and stake its ETH holdings, meaning those coins are effectively removing 
liquidity from the market. In his words, ETH has been “disinflationary since 
June 2025” because Bitmine had already removed 4.3% of ETH supply from 
circulation since June 30, 2025. The company also adjusted its near-term 
accumulation plan. Lee said Bitmine has decided to slow down the pace of 
weekly accumulation from a targeted rate of more than 100,000 ETH per week. 
Lee said maintaining the earlier pace of weekly purchases would have meant 
reaching the 5% level by mid-July, but the shift now reflects a change in 
timing for how quickly the target is approached. Related Reading: Dogecoin 
Price Set To Hit $5 Amid New Influx From Smart Money? Lastly, Bitmine pointed 
to market correlations it believes support its “crypto spring” thesis. The 
company said ETH prices have been correlated with software stocks. It stated 
that both ETH and the software ETF have been moving higher together in recent 
months. In its interpretation, the recovery in software stocks during 2026 is 
additional evidence that “crypto spring” has commenced. At the time of 
writing, ETH was trading just below the company’s average purchase price of 
$2,366, but was still holding on to gains of 2.3% over the previous two weeks. 
Featured image created with OpenArt, chart from TradingView.com

Bitmine ETH Holdings Cross 5.2 Million—CEO Announces New Phase For Crypto Markets

Bhutan’s government has moved another 100.44 BTC worth roughly $8.2 million, 
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Bhutan moves another $8.2M in Bitcoin as state reserves keep falling

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Ten newly created wallets have withdrawn 100 million LAB tokens, worth 
approximately $480 million and representing 32% of the token’s circulating 
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fresh […]

Bitmine ETH Holdings Cross 5.2 Million—CEO Announces New Phase For Crypto Markets

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