Bitmine Immersion Technologies (NYSE American: BMNR) has intensified its accumulation of digital assets, acquiring an additional 71,672 ETH over the past week at prices below $2,200. Chairman Thomas “Tom” Lee announced the move as part of a strategic treasury plan that saw the firm capitalize on a recent market pullback. The latest acquisition, valued at approximately $157.03 million, brings the company’s total holdings to 5,278,462 ETH as of May 17, 2026.
The institutional buying spree comes amid broader market volatility where Ethereum prices fluctuated between $2,081 and $2,341 over the week. While the asset settled at $2,128 on Tuesday following an 8.7% loss, Bitmine viewed the retreat from levels near $2,400 as a high-conviction opportunity. Lee noted that the company is buying aggressively despite what he termed a “mini-winter,” citing a long-term outlook that remains outstanding compared to current Ethereum recovery outlook assessments across the sector.
Bitmine’s press release valued the newly acquired assets at $2,191 per token. Lee stated that current price levels do not reflect the “high utility” of the network or its fundamental role as the future of finance. This aggressive stance aligns with institutional trends where buyers are increasingly active during price corrections, often moving assets off exchanges while bitcoin exchange supply sits at multi-year lows in a similar trend of long-term holding.
Bitmine approaches its five percent circulating supply target
The recent acquisition has pushed Bitmine’s total position to approximately 4.37% of the total Ethereum circulating supply, which is estimated at 120.7 million ETH. The firm is now 87% of the way toward its “Alchemy of 5%” goal. Chairman Tom Lee indicated that the company aims to reach the symbolic 5% threshold as early as December 2026, regardless of short-term price trends in the crypto market.
The total value of Bitmine’s Ethereum holdings reached approximately $11.57 billion at the time of the latest disclosure. This is not the first large-scale purchase for the firm this year. Bitmine added 26,659 ETH between May 4 and May 11, and it has frequently acquired more than 100,000 ETH per week during recent months. Earlier in February, the company reported weekly additions of 45,759 ETH and 40,613 ETH respectively.
Beyond its massive Ethereum portfolio, Bitmine maintains a diverse treasury including 202 Bitcoin (BTC) and significant corporate stakes. These include a $200 million position in Beast Industries and an $83 million stake in Eightco Holdings (ORBS). With a total cash reserve of $685 million, the company remains positioned to sustain its accumulation strategy despite Ethereum sitting 57% below its August 2025 all-time high of $4,946.
Infrastructure and revenue from the MAVAN validator network
Bitmine is leveraging its massive holdings through its proprietary staking platform, known as MAVAN (Made in America VAlidator Network). As of the latest report, the firm has staked 4,712,917 ETH, representing more than 89% of its total position. This staked capital is currently valued at roughly $10.3 billion, providing a steady stream of operational cash flow for the NYSE American-listed company.
Current data shows Bitmine is generating $289 million in annualized staking revenues. The company estimates this figure will rise to $324 million annually once all current holdings are fully staked through MAVAN and partner platforms. This projection is based on a seven-day annualized yield of 2.80%, highlighting a shift toward yield-bearing strategies that many analysts track in the ethereum network outlook for institutional investors.
The MAVAN platform was originally constructed to manage Bitmine’s internal treasury but may eventually expand its scope. Leadership has suggested the network could later serve third-party institutions, custodians, and ecosystem partners. For now, the focus remains on reaching the 5% supply target and securing Bitmine’s status as an institutional giant in the Ethereum staking ecosystem.