Bitmine Reduces Ether Acquisition, Purchasing $53 Million Last

Bitmine has significantly reduced its ether purchases, acquiring $53 million worth last week after a record purchase the previous week.

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The Ethereum treasury firm cut weekly purchases by more than 75% after the previous week's 112,000 ETH buying spree.

By Krisztian Sandor|Edited by Stephen Alpher Jun 1, 2026, 12:55 p.m. 2 min readMake preferred on

Tom Lee, chairman of Bitmine and cofounder of Fundstrat, speaking at Consensus 2026 in Miami (CoinDesk)

Key Details:

Last week, Bitmine acquired 26,497 ETH, totaling around $53 million at current market rates.
This represents a significant decrease from the previous week's purchase of 120,000 ETH.
Currently, the firm possesses 5.42 million ETH, equating to 4.49% of Ethereum's total circulating supply.

Bitmine Immersion (BMNR), the largest publicly listed Ethereum treasury firm, reported the acquisition of 26,497 ether (ETH) last week, significantly slowing its purchasing rate after a record purchase just a week prior.

This recent buy, valued at approximately $53 million based on current prices, brought Bitmine's total holdings to nearly 5.42 million tokens, which is about 4.49% of the circulating supply of ether, as noted in a company update released on Monday.

The latest acquisition reflects a reduction of more than 75% compared to the previous week’s impressive haul of 120,000 ETH.

This decrease in pace follows comments made by Thomas "Tom" Lee, chairman of Bitmine, during the Consensus 2026 event in May, where he indicated that the firm intended to moderate its acquisitions as it nears its long-term target of holding 5% of ETH's supply.

Even with this slowdown, Bitmine continues to be among the few large digital asset treasury firms actively increasing their crypto holdings, unlike other firms such as Michael Saylor's Strategy (MSTR), which recently sold $2.5 million worth of bitcoin. Since the beginning of the year, Bitmine has acquired over 1 million ETH and is approximately 90% towards its goal of controlling 5% of the total network supply.

Lee stated in a statement on Monday, "ETH prices are not reflecting the strengthening of Ethereum fundamentals. However, this is not surprising as we are still in the early stages of crypto spring."

As of May 31, Bitmine's total crypto and cash holdings amounted to $11.6 billion. Along with its ETH assets, the company holds 203 bitcoin, $446 million in cash, and investments in Beast Industries and Eightco Holdings.

Bitmine has been focusing more on generating revenue through staking. The firm estimates that its staking activities yield around $258 million in annual revenue, with expectations of rewards nearing $300 million per year via its MAVAN staking platform.

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