Bitmine Immersion Technologies Inc. [NYSE: BMNR] has disclosed that its Ethereum holdings have reached 5.21 million tokens, representing 4.31% of the total ETH coin supply of 120.7 million tokens and placing the company 86% of the way toward its stated “Alchemy of 5%” accumulation target in just 11 months.

As of May 10, 2026, Bitmine’s total crypto, cash, and strategic equity holdings stand at $13.4 billion, comprising 5,206,790 ETH valued at approximately $12.3 billion at $2,366 per token, 201 Bitcoin, a $200 million equity stake in Beast Industries, $88 million in Eightco Holdings [NASDAQ: ORBS], and $775 million in cash.

Bitmine has staked 4,712,917 ETH through its MAVAN platform and staking partners, representing over 90% of its total holdings, with annualised staking revenues currently running at $319 million based on a 2.86% seven-day yield.

Chairman Thomas “Tom” Lee said the company has decided to slow its weekly accumulation pace below the previous target of more than 100,000 ETH per week, having originally aimed to reach the 5% milestone by mid-July 2026, with the revised timeline now extended to late 2026.

Lee described Ethereum as entering a “crypto spring,” noting that if ETH closes above $2,100 at the end of May 2026, it would mark three consecutive monthly gains, a sequence he said has never been observed during a crypto bear market and would validate the spring thesis.

He pointed to two structural demand drivers for Ethereum: the ongoing move by Wall Street institutions to tokenise financial assets on the blockchain, and the emerging requirement for agentic AI systems to operate on public, neutral blockchain infrastructure.

Lee also noted that since Bitmine began accumulating in June 2025, its holdings have effectively removed 4.3% of ETH from the circulating supply, making the coin’s supply profile genuinely disinflationary over that period.

MAVAN, Bitmine’s Made-in-America Validator Network, was originally developed to support the company’s own staking operations but is being positioned for expansion to serve institutional investors, custodians, and ecosystem partners seeking institutional-grade staking infrastructure.

Bitmine ranks as the world’s largest ETH treasury and second-largest crypto treasury globally behind Strategy Inc. [NASDAQ: MSTR], which holds 818,334 BTC valued at approximately $66.6 billion.

The stock is among the most actively traded in the United States, with a five-day average daily dollar volume of $816 million, ranking 149th among all US-listed equities and drawing institutional backing from ARK Invest, Pantera, Galaxy Digital, Founders Fund, and Kraken, among others.