Bitmine Adds 71,672 ETH as Treasury Climbs to 5.28M Tokens

Highlights:

• Bitmine has added 71,672 ETH, raising its treasury to 5.28 million tokens.
• Bitmine has staked 4.71 million ETH, creating $289 million in annualized revenue.
• MAVAN supports Bitmine’s treasury staking plan and future institutional services.

Ethereum treasury firm Bitmine Immersion Technologies reported a fresh Ethereum purchase on Monday, lifting its corporate treasury to 5,278,462 ETH as of May 17. The firm said the position equals 4.37% of Ethereum’s 120.7 million circulating supply.

Bitmine Adds 71,672 ETH During Market Pullback

The weekly purchase added 71,672 ETH to the company’s balance sheet after Ethereum traded below $2,200. Chairman Thomas Tom Lee said the decline gave the treasury firm another entry point. Moreover, the purchase marked a larger accumulation than the previous week’s 26,000 ETH buy.

Using Bitmine’s stated price of $2,191 per ETH, the Ethereum position stood near $11.6 billion. The company also reported 202 Bitcoin, $685 million in cash, and two equity investments. Those positions included a $200 million Beast Industries stake and an $83 million Eightco Holdings stake.

Combined crypto, cash, and other holdings reached $12.6 billion on May 17. As a result, the firm described itself as the largest public Ethereum treasury. It also ranks second among corporate crypto treasuries, behind Strategy’s Bitcoin position.

The latest update moves the company closer to its “Alchemy of 5%” target. The plan aims to secure 5% of Ethereum’s total supply over time. Lee said the company now stands at 87% toward that goal and expects progress in 2026.

Bitmine ETH Holdings Reach 5.28M Tokens, Acquires 71,672 ETH in One Week

Bitmine Immersion Technologies announced its ETH holdings have increased to 5.28 million ETH, representing 4.37% of Ethereum’s total supply, with total crypto and cash holdings reaching $12.6 billion. The… pic.twitter.com/rfzaYDhsaI

— Wu Blockchain (@WuBlockchain) May 18, 2026

Staking Platform Lifts Revenue From Bitmine’s Treasury

Bitmine said it has staked 4,712,917 ETH, equal to nearly 89% of its full Ethereum position. At $2,191 per ETH, the staked balance carried a value of about $10.3 billion. Moreover, the company said staking generates about $289 million in annualized revenue.

The estimate used a seven-day annualized staking yield of 2.80%. If the company stakes its full ETH balance, Lee said yearly staking rewards could reach $324 million. Therefore, staking now forms a major part of the company’s treasury strategy.

MAVAN, the Made in America Validator Network, supports part of that staking plan. The platform started as internal infrastructure for Bitmine’s Ethereum reserves. However, the company plans to extend it to institutions, custodians, and ecosystem partners.

The firm said MAVAN focuses on security, performance, and resilience for large Ethereum holders. Moreover, the platform gives the company more control over validator operations. A portion of the firm’s ETH already sits on MAVAN, according to the update.

Oil Pressure and Regulation Shape Ether Outlook

Ethereum briefly fell to $2,097 on Monday, its weakest level since April 7. Lee linked the weakness to higher oil prices and said ETH’s inverse correlation with oil has reached a record level. Lee noted that rising crude prices over six weeks matched Ethereum’s decline. However, Lee argued that lower oil prices could help ETH recover in the short term. He also said tokenization growth and agentic AI demand continue to support the broader Ethereum case.

🧵
1/
If one is wondering why Ethereum $ETH has been under selling pressure:

– to me, rising oil prices is the biggest headwind
– ETH inverse correlation to oil is the highest ever pic.twitter.com/G5Uw0wbtJP

— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) May 18, 2026

Bitmine also highlighted progress on the Digital Asset Market Clarity Act. The bill cleared the Senate Banking Committee last week and now heads toward a wider Senate vote. Lee said clear rules could help Wall Street build more crypto-linked financial products. Bitmine continues trading on the New York Stock Exchange under BMNR. The company moved from the NYSE American to the NYSE on April 9, 2026.