Bitmine Buys 52,203 ETH and Nears 5% Ethereum Supply Goal

TLDR

• Bitmine purchased 52,203 ETH worth approximately $92 million last week.
• The company’s Ethereum holdings increased to 5.67 million ETH.
• Bitmine now controls about 4.7% of Ethereum’s circulating supply.
• The firm said it has completed 94% of its goal to acquire 5% of the ETH supply.
• Bitmine reported $601 million in cash and marketable securities.

Bitmine expanded its Ethereum holdings last week after purchasing 52,203 ETH worth about $92 million. The acquisition lifted the company’s total holdings to 5.67 million ETH, valued at nearly $10 billion. Meanwhile, Chairman Tom Lee maintained that the digital asset market remains in what he calls a “crypto spring” phase.

Bitmine Moves Closer to Ethereum Supply Target

Bitmine disclosed that the latest purchase increased its Ethereum position to 5.67 million ETH. The company said those holdings now represent about 4.7% of Ethereum’s circulating supply. At the same time, Bitmine reported $601 million in cash and marketable securities.

The latest purchase came in below the company’s previous weekly acquisitions. Even so, Bitmine continued its accumulation strategy throughout 2026. The company stated that it has completed 94% of its target to acquire 5% of Ethereum’s supply.

Tom Lee said the company remains committed to its current approach. “We continue to maintain a steady pace of accumulation throughout 2026,” Lee said.

His statement accompanied the company’s latest treasury update.

Bitmine remains one of the largest corporate holders of Ethereum. The firm’s continued purchases have steadily increased its share of the asset’s circulating supply. As a result, the company remains close to reaching its stated ownership objective.

Ethereum Staking Supports Treasury Strategy

Bitmine has also expanded funding options tied to its Ethereum strategy. Earlier this month, the company raised about $274 million through preferred stock sales. The offering included 3.5 million shares of 9.50% Series A Perpetual Preferred Stock.

The preferred shares trade on the New York Stock Exchange under the ticker BMNP. Those securities provide weekly cash dividends to shareholders. The company recently announced dividend payments scheduled through August.

Bitmine said it will pay $0.1847 per share during the announced distribution period. Meanwhile, the company continues to rely on staking income to support obligations. Lee has repeatedly pointed to staking revenue as a key source of recurring cash flow.

The company currently stakes 4.72 million ETH across its holdings. That figure represents more than 83% of the Ethereum it controls. According to company figures, staking operations generate substantial annual revenue.

Bitmine estimates annualized staking revenue at roughly $223 million. The company also projects staking rewards could reach $268 million annually through MAVAN. Those projections form part of its broader treasury strategy.

Tom Lee Maintains Crypto Spring Outlook

Lee repeated his positive view on digital asset markets despite recent price weakness. He previously linked a market recovery to Bitcoin closing May above $76,000. However, Bitcoin ended the month below $74,000 and later fell under $60,000.

Despite that decline, Lee maintained his outlook. “We believe we are in the early stages of crypto spring,” he said.

The statement accompanied Bitmine’s latest Ethereum accumulation update.

Lee also restated his long-term position on Ethereum. He said tokenization and artificial intelligence applications could support future network usage. Bitmine’s latest purchase increased its holdings by another 52,203 ETH while the company continued pursuing its 5% supply target.

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