Bitmine Immersion (BMNR) said Monday that its Ethereum (ETH) holdings continued to climb, reaching 5 million tokens and moving closer to the company’s long-term goal of holding 5% of the total ETH supply.
The company described the update as proof that a “crypto spring” has begun and used the announcement to reinforce why it believes ETH is important not only as an asset, but also as a form of diversification for investors.
What’s in the Bitmine Immersion wallet?
According to Bitmine disclosurethe company controls over 4.31% of ETH’s total supply of 120 million coins. The release also details its overall crypto and non-crypto holdings as of May 10.
Bitmine brought in 5,206,790 ETH worth $2,366 per ETH, along with 201 Bitcoin (BTC). Beyond major cryptocurrencies, the company reported holding a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and total cash of $775 million.
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Bitmine also provided figures on staking. As of May 10, he said his total ETH staked stood at 4.7 million, which he valued at $11.1 billion using the same benchmark of $2,366 per ETH. The company added that its volume of ETH staked is higher than other entities globally.
“Bitmine has invested more ETH than other entities in the world,” company CEO Tom Lee said in the release. He added that at scale, the projected staking reward is $352 million per year, based on a 7-day BMNR yield of 2.86%.
Lee linked the company’s accumulation strategy to broader market drivers. He said the company wanted to highlight the role of owning ETH as a diversification tool, as well as the factors he believes could push the next phase of “crypto bullishness.”
Is the “Crypto Spring” already here?
Bitmine also revealed that its purchasing and staking activities directly contribute to the reduction in circulating supply. Lee said that since the start of 2026, the company has acquired over 1 million ETH and accumulated over 4.3% of the total supply.
He said Bitmine intends to hold and stake its ETH holdingsmeaning that these coins are effectively removing liquidity from the market. According to him, ETH has been “disinflationary since June 2025” because Bitmine had already withdrawn 4.3% of the ETH supply from circulation since June 30, 2025.
The company also adjusted its short-term accumulation plan. Lee said Bitmine decided to slow down the weekly accumulation pace from a target rate of over 100,000 ETH per week.
Lee said maintaining the previous pace of weekly purchases would have meant hitting the 5% level by mid-July, but the move now reflects a change in the timeline of how quickly the target is being approached.
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Finally, Bitmine highlighted market correlations he believes he supports his “crypto spring” thesis. The company said ETH prices are correlated with software stocks.
He said ETH and the software ETF have been rising together in recent months. In his interpretation, the recovery of software stocks in 2026 is further evidence that the “crypto spring” has begun.
At the time of writing, ETH was trading just below the company’s average purchase price of $2,366, but still holding on to gains of 2.3% over the previous two weeks.
Featured image created with OpenArt, chart from TradingView.com
