Bitmine Controls 4.3% of Ethereum Supply in Saylor-Style Play

Bitmine Immersion Technologies now holds 5.2 million ETH, worth over $12 billion, as Chairman Tom Lee targets 5% of the total Ethereum supply.

The company now controls over 5.2 million ETH—approximately 4.3% of the network’s entire circulating supply—in a strategy that analysts are comparing to Michael Saylor’s Bitcoin model at MicroStrategy.

Over the past week, Bitmine purchased 26,659 ETH, a significant slowdown from the pace of over 100,000 ETH per week seen in recent months. Chairman Tom Lee described the deceleration as a deliberate move as the company nears its long-term goal of controlling 5% of the total ETH supply—a strategy internally dubbed the “Alchemy of 5%.”

As of May 11, 2026, the company’s Ethereum reserves are valued at approximately $12.1 billion, while Bitmine’s total assets have reached roughly $13.4 billion. In addition to Ether, the company holds 201 BTC, as well as about $775 million in cash and strategic equity stakes, including exposure to Beast Industries and Eightco Holdings.

The Massive Staking Machine Behind Bitmine’s Strategy

Bitmine has already staked over 4.71 million ETH—nearly 90% of its total holdings—through its proprietary MAVAN (Made-in-America Validator Network) infrastructure. The company expects these operations to generate approximately $330 million in annual revenue from staking rewards.

This makes Bitmine not only the largest corporate ETH vault but also one of the largest validator infrastructures in the world. The company is positioning itself as a critical player in the security and liquidity of the Ethereum ecosystem as institutional participation in the staking market continues to grow.

Bitmine was officially listed on the NYSE in April, moving from the NYSE American to the main exchange—a move that further increased interest from institutional investors. The stock is now among the 150 most traded companies in the United States.

Tom Lee Bets on Growth

Although the company still reports an unrealized loss of approximately $6.3 billion on its ETH position—due to an average acquisition price of around $3,539 per token—management remains firmly committed to the long-term accumulation model.

Tom Lee stated during Consensus 2026 that “crypto spring” has already begun. According to him, Ethereum is entering a historically strong recovery cycle, and a close above $2,100 by the end of May would mark the first instance of three consecutive months of growth for ETH during a market recovery period.

Bitmine’s strategy increasingly resembles the model Michael Saylor turned into a standard for Bitcoin—using a public company as a long-term accumulator of digital assets. The difference is that Ethereum allows for direct yield through staking, which analysts believe makes the ETH reserve model a potentially even more aggressive version of the corporate crypto strategy.