Bitmine's buying of Ethereum has slowed significantly. Company disclosures show that in the week ending May 31, it added 26,497 ETH to its portfolio, worth approximately $53 million at current prices, a decrease of over 75% from the approximately 120,000 ETH purchased the previous week.
Positions are close to the predetermined target
The company disclosed that Bitmine currently holds a total of 5.42 million ETH, accounting for approximately 4.49% of the circulating supply of Ethereum. This means that it is not far from its previously stated long-term goal of holding 5% of the total ETH supply.
Bitmine Chairman Tom Lee previously stated at the 2026 Consensus conference that the company would gradually slow down its pace of increasing its holdings as it rapidly approaches its target. This latest disclosure essentially continues that statement.
More than one million units have been purchased this year.
Despite a decline in weekly buying activity, Bitmine remains one of the few publicly traded companies that continues to expand its cryptocurrency treasury. According to disclosures, the company has purchased over 1 million ETH since the beginning of the year, currently achieving approximately 90% of its target.
In a statement on Monday, Tom Lee said that Ethereum's price has not yet reflected its improved fundamentals, but the current stage is still in the early stages of a crypto market recovery.
Pledge business becomes a source of revenue
In addition to its ETH treasury, Bitmine held 203 bitcoins and approximately $446 million in cash as of May 31, and also held stakes in Beast Industries and Eightco Holdings. The company disclosed that its total holdings of crypto assets and cash amounted to approximately $11.6 billion.
Bitmine has also been strengthening its staking business recently. The company expects annualized revenue from related staking business to be approximately $258 million, with annualized rewards from the MAVAN staking platform approaching $300 million.
Additional information:CoinDesk mentioned in its report that Bitmine is one of the largest publicly traded Ethereum treasury companies.
