Ethereum treasury company Bitmine is slowing its weekly ETH buying after building a 5.21 million ETH, saying it's now close enough to its target of owning 5% of Ethereum's supply.
Bitmine Immersion Technologies said in a May 11 update that its crypto, cash and "moonshot" holdings totaled $13.4 billion as of May 10. The company said it held around 5.2 million ETH, 201 BTC, $775 million in cash, a $200 million stake in Beast Industries and an $88 million stake in Eightco Holdings.
Shortly aftet the news broke, Bitmine's shares declined 0,36% on pre-market trading, per Yahoo Finance data.
The company said its ETH position now represents 4.31% of Ethereum's 120.7 million token supply. That puts Bitmine about 86% of the way toward its "Alchemy of 5%" goal.
But the pace is changing. As Bitmine chairman Thomas Lee explained, Bitmine has decided to slow its weekly ETH accumulation from more than 100,000 ETH per week, after earlier buys put the company on track to reach 5% by mid-July.
"We have decided to slow down our pace of weekly accumulation," Lee said, adding that the company had originally targeted reaching the 5% goal in late 2026.
How big Bitmine with ETH holdings
Bitmine has become one of the largest corporate buyers of ETH as since the start of 2026, the company said it acquired more than 1 million ETH.
Most of that position is being staked. Bitmine said it had 4,712,917 ETH staked, worth about $11.1 billion at $2,366 per ETH, which is more than 90% of its total ETH holdings.
Lee said Bitmine's annualized staking revenue is now $319 million, based on a 2.86% seven-day annualized yield. He said projected annual rewards could reach $352 million when the company's ETH is fully staked through MAVAN (Bitmine's institutional staking platform) and staking partners.