Bitmine Immersion (BMNR) reported on Monday that its Ethereum (ETH) holdings continue to grow, reaching 5 million tokens and moving closer to the company’s long-term goal of having 5% of the total ETH supply.
The company described the update as evidence of the start of a “crypto spring” and used the announcement to reinforce its belief that ETH is significant not only as an asset but also as a form of diversification for investors.
What’s in the Bitmine Immersion portfolio?
According to Bitmine disclosurethe company controls over 4.31% of the total ETH supply of 120 million coins. The publication also presents the general state of crypto and non-crypto assets as of May 10.
Bitmine reported 5,206,790 ETH worth $2,366 per ETH and 201 Bitcoin (BTC). In addition to major cryptocurrencies, the company said it has a $200 million stake in Beast Industries, $88 million in Eightco Holdings and a total stake of $775 million.
Bitmine also provided figures on the subject betting. As of May 10, it reported its total ETH value of 4.7 million, which was valued at $11.1 billion using the same $2,366 for the ETH reference. The company added that its staked ETH volume is higher than peers globally.
“Bitmine has staked more ETH than anyone else in the world,” company CEO Tom Lee said in the announcement. Globally, he continued, the projected staking reward is $352 million per year based on BMNR’s 7-day yield of 2.86%.
Lee tied up the company accumulation strategy to broader market factors. He said the company wants to highlight the role of holding ETH as a diversification tool, along with factors that he believes could push the next phase of the crypto bull market.
Is “Crypto Spring” already here?
Bitmine also revealed that its buying and staking activity is directly contributing to a reduction in trading supply. Lee stated that since the beginning of 2026, the company has acquired over 1 million ETH and accumulated over 4.3% of the total supply.
He said Bitmine intended to maintain and stake them shares in ETHwhich means that these coins effectively remove liquidity from the market. In his words, ETH has been “disinflating since June 2025” as Bitmine has already removed 4.3% of the ETH supply from circulation as of June 30, 2025.
The company also adjusted its short-term accumulation plan. Lee said that Bitmine has decided to sluggish the rate of weekly accumulation from a target rate of over 100,000 ETH per week.
Lee said maintaining the previous pace of weekly purchases would mean hitting the 5% mark by mid-July, but that change now reflects a change in the timing of the target.
Finally, he pointed to Bitmine market correlations believes that it confirms his “crypto spring” thesis. The company stated that ETH prices are correlated with software stocks.
It was found that both ETH and the program ETF have soared together in recent months. In his interpretation, the recovery of software stocks in 2026 is additional evidence of the beginning of the “crypto spring”.
At the time of writing, ETH was trading just below the company’s average purchase price of $2,366, but was still up 2.3% over the previous two weeks.
Featured image created with OpenArt, chart from TradingView.com
