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Bitmine Bought Another 26,659 ETH and Slowed Down Its Ethereum Accumulation
Bitmine Immersion Technologies added another 26,659 $ETH to its reserves. According to the company’s latest report, the total value of its crypto assets, cash holdings, and venture investments has reached $13.4 billion.
A New Accumulation Strategy
The latest purchase appears modest compared to previous acquisitions, during which Bitmine consistently bought more than 70,000 ETH per week.
Across its last five purchases, the company increased its holdings by:
- 101,745 $ETH;
- 101,901 $ETH;
- 101,627 $ETH;
- 71,252 $ETH;
- 71,179 $ETH respectively.
Chairman Tom Lee confirmed that the slowdown in purchases was intentional.
According to Lee, the original strategy of acquiring 100,000 $ETH per week would have allowed the company to reach its target of owning 5% of Ethereum’s total supply by mid-July.
Source: Bitmine.
The company now plans to spread out its purchases in order to complete the accumulation target by the end of 2026.
As of May 10, Bitmine holds 5.206 million $ETH at an average purchase price of approximately $2,366 per coin.
The company’s share of Ethereum’s total circulating supply now stands at 4.31% out of the network’s total 120.7 million ETH supply.
Tom Lee stated that if Ethereum closes May above the $2,100 level, it would mark the asset’s third consecutive month of gains — something he described as “unusual for a bear market cycle.”
Lee identified large-scale asset tokenization on Wall Street and the rise of AI agents as the primary long-term growth catalysts for Ethereum.
In his long-term outlook, Lee believes Ethereum could eventually reach $62,500.
Ethereum Staking Strategy
To manage its holdings, Bitmine launched its own validator network called MAVAN.
Currently, the company has staked approximately 4.712 million $ETH, representing more than 90% of its total holdings.
Meanwhile, while Bitmine continues to accumulate ETH, the Ethereum Foundation appears to be moving in the opposite direction. According to Lookonchain, the foundation unstaked 21,271 $ETH worth approximately $49.66 million on May 11.
See also: "Bitcoin Stabilizes Near $81K Amid Rising Tensions With Iran"
