'Crypto spring has commenced,' Tom Lee says as Bitmine's weekly accumulation slows below 100,000 ETH pace

Tom Lee-chaired Ethereum treasury company Bitmine Immersion's (BMNR) holdings have reached 5,206,790 ETH — worth around $12.1 billion at current prices — following its latest weekly acquisitions.

Bitmine bought another 26,659 ETH since its last update on May 4, reporting its total crypto and cash holdings stood at $13.4 billion on Monday. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $62.1 million.

"We have decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the 'alchemy of 5%' target in late 2026. Our previous pace of >100k weekly buys would have us reach 5% by mid-July." Lee said in the statement.

As of May 10, Bitmine also holds 201 BTC ($16.3 million), an $88 million stake in WLD treasury firm Eightco, and total cash of $775 million. The company's ETH holdings are equivalent to around 4.3% of Ethereum's current circulating supply, which sits at approximately 120.7 million ETH, according to The Block's price page.

"'Crypto spring' has commenced and we wanted to highlight the importance of owning ETH as a source of diversification, and the likely drivers of this coming 'crypto bull' cycle," Lee said. "Among the key future drivers for Ethereum, the two primary are Wall Street's move to tokenization and agentic AI. If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain — this has never been seen in a crypto bear market. Thus, a close above $2,100 would validate 'crypto spring' has arrived."

Meanwhile, Bitmine's total staked Ethereum stands at 4,712,917 ETH ($11 billion).

"Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $352 million annually (using 2.86% 7-day BMNR yield)," Lee said. "Annualized staking revenues are now $319 million. And this 4.7 million ETH is over 90% of the 5.21 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.86% (annualized)."

Largest Ethereum treasury company

Bitmine remains the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 872,984 ETH and 496,712 ETH, respectively, according to SER data. Bitmine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 818,869 BTC ($66.5 billion) — equivalent to more than 3.9% of bitcoin's 21 million supply cap — following Strategy's latest $43 million acquisition announcement earlier on Monday.

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Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, Bitmine recently announced its uplisting to the New York Stock Exchange (NYSE) from NYSE American on April 9, 2026.