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BitMine Slowed Ethereum Purchases as Holdings Reached 5.2 Million ETH

BitMine states that its Ethereum holdings reached 5,206,790 ETH, about 4.31% of supply, with roughly 4.7 million ETH staked and a stated long-term goal of owning 5% of total ETH supply.

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Fact Check
All core figures in the claim are confirmed by BitMine's own official PRNewswire press release and corroborated by CoinDesk and The Block. The exact ETH holding of 5,206,790 ETH is confirmed verbatim by the PRNewswire release and The Block. The 4.3% of supply figure matches the confirmed 4.31%. The staked ETH figure of 4,712,917 is consistent with The Block's '4.71M ETH' and CoinDesk's '4.7 million tokens.' The slowing of weekly purchases is confirmed by all three sources (down to 26,659 ETH from ~100,000 ETH/week). The valuation range cited in the claim ($11.1B–$11.99B) aligns with the staked ETH value reported by CoinDesk (~$11.1B) and The Block (~$11B), though total holdings including cash are $13.4B. The slight discrepancy is that the claim frames the $11.1B–$11.99B as the total crypto holdings valuation, whereas sources indicate this reflects the staked ETH portion specifically, with total holdings at $13.4B. This is a minor framing nuance rather than a factual error, keeping the overall assessment as likely true.
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Summary

BitMine said its Ethereum holdings reached 5,206,790 ETH, representing more than 4.31% of Ethereum’s 120 million total supply, while also disclosing 201 BTC, $775 million in cash, a $200 million stake in Beast Industries, and an $88 million stake in Eightco Holdings. The company said 4.7 million ETH was staked as of May 10 and valued that staked position at $11.1 billion using a reference price of $2,366 per ETH. CEO Tom Lee said BitMine has acquired more than 1 million ETH since the start of 2026, intends to hold and stake its ETH, and has slowed weekly accumulation from a prior target of more than 100,000 ETH per week, a pace that he said would otherwise have brought the company to its 5% supply target by mid-July. BitMine described the update as evidence of a "crypto spring" and said its ETH buying and staking are reducing circulating supply.

Terms & Concepts
  • ETH: The native cryptocurrency of the Ethereum blockchain, used for transactions, network fees, and staking.
  • Staked ETH: Ethereum that has been locked in staking to help secure the network and earn staking rewards.
  • BTC: The ticker symbol for Bitcoin, the first and largest cryptocurrency by market value.