Largest ETH treasury firm cuts acquisition pace by 75% as it nears 5% supply goal
Bitmine Immersion, the largest publicly-traded Ethereum treasury firm, purchased 26,497 ETH last week valued at $53 million, marking a sharp deceleration in its accumulation strategy. The purchase represents a 75% reduction from the prior week’s 120,000 ETH acquisition.
The slowdown aligns with Tom Lee’s announcement in May at Consensus 2026 that Bitmine would moderate its pace as the company approached its stated long-term goal of owning 5% of Ethereum’s circulating supply. Bitmine currently holds 5.42 million ETH, representing 4.49% of circulating supply and putting the firm 90% of the way toward its target.
“ETH prices are not reflecting the strengthening of Ethereum fundamentals. But then again, this is not surprising given we are in the early stages of crypto spring,” Lee, Bitmine’s chairman and Fundstrat cofounder, said in a company update.
Bitmine’s moderation stands in contrast to other large digital asset treasury firms. Strategy, the bitcoin-focused company chaired by Michael Saylor, sold $2.5 million in bitcoin last week, underscoring divergent strategies among major treasury operators. Bitmine remains one of the few large firms still actively adding to crypto holdings.
The company has accumulated 1 million ETH since the start of 2026. As of May 31, Bitmine’s total crypto and cash holdings stood at $11.6 billion, comprising 5.42 million ETH, 203 bitcoin, and $446 million in cash.
Staking revenue becomes income focus
Beyond treasury accumulation, Bitmine has increasingly pivoted toward generating income from its holdings. The company operates MAVAN, its staking platform, which generated an estimated $258 million in annualized staking revenue as of the reporting period. Bitmine projects annual rewards through MAVAN will reach $300 million.
Bitmine also holds strategic stakes in Beast Industries and Eightco Holdings, diversifying its exposure beyond pure Ethereum and bitcoin holdings.
The measured purchase pace reflects a broader shift in Bitmine’s strategy from aggressive accumulation to sustainable yield generation. With the firm already holding nearly 4.5% of Ethereum’s circulating supply, further rapid purchases would quickly exhaust the company’s stated ownership target, leaving limited room for continued growth under its current framework.
