Bitmine ETH stock drops after reaching 4.49% supply
TLDR
Bitmine Immersion has reduced weekly Ethereum purchases after reaching its long-term supply target. The company added 26,497 ETH last week, bringing its total holdings to 5.42 million tokens. Bitcoin now controls 4.49 percent of Ethereum's circulation, according to company data. Compared to the previous purchase of 120,000 ETH, the weekly purchase is down more than 75%. The organization has accumulated more than one million ETH since the beginning of 2026.
Bitmine Immersion has reduced Ethereum purchases after hitting its long-term target of controlling 5% of the network's supply.
According to Monday's company update, Bitmine Immersion (BMNR) received 26,497 ether last week, which is estimated at $53 million at current prices. The purchase increased its total holdings to 5.42 million ETH, representing approximately 4.49% of Ethereum's circulating supply.
Bituminous holdings rise when the rate decreases
A week ago, the company added 120,000 ETH, the largest single purchase in 2026. The latest trading showed a drop of more than 75% in the weekly stock. Bitmine Chairman Thomas Lee said at Consensus 2026 that the company will reduce its acquisitions as it nears its supply target.
Since the beginning of the year, Bitmine has accumulated more than one million ETH. Based on the company's statements, the company has now reached about 90% of its target.
As bitumen continues to add to its holdings, other treasury-focused firms have taken different steps. According to the same update, Michael Saylor Strategy (MSTR) sold nearly $2.5 million worth of bitcoins last week. This comparison puts Bitcoin among the smallest companies still increasing crypto reserves.
As of May 31, the company reported total crypto and cash holdings of $11.6 billion. Alongside Ethereum's treasury, Bitcoin holds 203 bitcoins and nearly $446 million in cash. The firm also disclosed its equity stake in Beast Industries and Eightco Holdings.
Fundraising expands its role in strategy.
Beyond storage, Bitmine has increased its focus on generating revenue from its digital assets. The company estimates that the stock operations generate annual revenue of around $258 million.
Through its MAVAN staking platform, projected rewards are expected to reach $300 million annually. The firm attributed this growth to the rising treasury in Ethereum stock activities.
In the same statement, Thomas Lee said that even if the price level does not move in line with those developments, the fundamentals of Ethereum will continue to strengthen. He added that the current conditions are similar to what he described as the first phase of the crypto market cycle.
