Tom Lee said the company expects to achieve its long term target of controlling 5% of Ethereum’s total supply sometime in 2026.
Bitmine Immersion Technologies announced that its Ethereum reserves have increased to 5.28 million ETH, representing approximately 4.37% of Ethereum’s circulating supply of 120.7 million ETH.
The company also revealed that its combined crypto holdings, cash reserves, and “moonshot” investments are now valued at roughly $12.6 billion as of May 17.
Bitmine Moves Closer to 5% Ethereum Supply Goal
Over the past week alone, Bitmine added another 71,672 ETH to its treasury.
The company’s total staked Ethereum holdings have now reached 4,712,917 ETH, currently valued at around $10.3 billion based on an ETH price of $2,191.
Bitmine stated that nearly 89% of its ETH treasury is actively staked, generating estimated annualized staking revenue of approximately $289 million. The company also reported a 7 day staking yield of 2.80%.
In its latest statement, Bitmine disclosed that it has now completed about 87% of its broader objective to accumulate 5% of Ethereum’s total supply.
Tom Lee believes the milestone could be reached sometime next year.
Alongside its Ethereum reserves, Bitmine also holds 202 Bitcoin, around $685 million in cash, a $200 million stake in Beast Industries, and an $83 million investment in Eightco Holdings, which the company described as one of the few publicly traded firms offering indirect exposure to OpenAI.
Bitmine recently introduced MAVAN, short for Made in America Validator Network, an institutional focused Ethereum staking platform designed to support the company’s treasury strategy and later expand to custodians, institutional investors, and ecosystem partners.
A portion of the company’s ETH reserves is already being staked through the MAVAN platform.
Ethereum Faces Short Term Weakness
Ethereum briefly fell to $2,097 on Monday, marking its lowest price level since April 7 as broader crypto market selling pressure intensified.
At the time of writing, ETH was trading near $2,132, down nearly 3% over the previous 24 hours.
Reacting to the recent decline, Tom Lee said rising oil prices appear to be one of the key factors weighing on Ethereum’s performance.
In a post on X, Lee explained that Ethereum’s inverse correlation with oil prices has reached its strongest level on record. He added that ETH prices have trended lower over the past six weeks while oil prices moved higher.
According to Lee, a decline in oil prices could help Ethereum recover in the short term.
Despite the recent weakness, he maintained a bullish long term outlook for Ethereum, citing continued growth in tokenization and rising demand from agentic AI systems.
Lee also described the recent market pullback as an “attractive opportunity” for investors.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
