Bitmine has purchased an additional 26,497 ether (ETH) worth about $52 million, lifting its total holdings to 5,416,901 ETH, the company said Monday. The position now represents roughly 4.49% of Ethereum’s circulating supply, moving the firm closer to its stated goal of controlling 5% of the network’s estimated 120.7 million coins.
Accumulation pace slows, 5% goal pushed back
Chairman Lee said Bitmine now expects to hit the 5% target in 2026, revising guidance that had previously pointed to mid-2025.
The delay follows a strategic shift that reduced its accumulation rate, which had earlier reached up to 100,000 ETH per week. Last week alone, the firm acquired about 112,000 ETH amid heightened market volatility.
Market backdrop: ether weak, equities strong
Ethereum is trading around $1,978, down about 30% since the start of the year and roughly 60% below its all-time high of $4,946.
The weakness in major digital assets contrasts with U.S. equity markets, where the S&P 500 and Nasdaq Composite sit near record levels, up 10.7% and 16.1% year-to-date through the end of May. The S&P 500 gained 5.7% in May alone, underscoring the divergence in sentiment and capital flows between traditional stocks and crypto assets.
Bitmine share performance and balance sheet
Bitmine’s own shares trade near $19, down 1.4% on the day and 39% year-to-date.
At current prices, the company’s ETH treasury is valued at about $10.6 billion, making it the second-largest corporate holder of digital assets globally, behind Strategy, which holds more than $60 billion in bitcoin.
Beyond ether, Bitmine holds:
- 203 bitcoin
- A $180 million equity stake in Beast Industries
- A $93 million interest in Eightco Holdings
- Approximately $446 million in cash
The company completed its uplisting from NYSE American to the New York Stock Exchange on April 9 and counts institutional backers including Ark Invest’s Wood, Founders Fund, Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
Large-scale staking and yield focus
Bitmine has staked about 4.7 million ETH through its Made in America Validator Network, generating an annualized return of roughly $258 million. If its entire ETH position were fully staked at recent rates, annual rewards are projected at around $296 million based on a seven-day yield near 2.73%.
The firm’s strategy reflects a broader shift in digital asset treasury management, where yield generation is becoming a primary focus. For some publicly listed ether holders, staking contributed roughly 60% of disclosed revenue in 2025, marking a move away from passive holding toward actively earning on reserves.
Network-wide supply lockup and yields
Across the Ethereum network, about 32.4% of total ether supply—roughly 39.3 million coins—was staked as of late May 2026. This removes a significant portion of ETH from immediate circulation, tightening available supply and potentially amplifying the effects of demand swings.
Current annualized returns for staked ether range between about 1.78% and 2.7%. These yields continue to attract long-term holders despite price declines and are gaining a foothold in mainstream finance through staked-ether exchange-traded funds, which have seen accelerating inflows since their approval in late 2025.
Technical outlook: key support and resistance levels
Despite the growth in staking and institutional participation, ether’s price has remained under pressure. Technical analysts are watching the $1,964 zone as a key support level; a sustained break below could open the way toward the $1,545 range, based on recent price formation patterns.
On the upside, resistance is expected between $2,059 and $2,170, an area where a high concentration of previous buyers may look to sell into rallies.
Long-term theses remain in play
In contrast to ether’s poor performance this year, Bitmine backer Wood has reiterated a strongly bullish long-term stance on the leading digital asset, maintaining a base-case projection of roughly $750,000 over the next five years, supported by expectations of continued institutional accumulation.
That outlook is rooted in themes of corporate treasury adoption and the asset’s perceived role as a hedge against currency debasement—factors underpinning the accumulation and staking strategies pursued by large-scale holders such as Bitmine.
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