Bitmine holds 5.21 million ETH, Tom Lee predicts cumulative momentum will slow

US New York Stock Exchange-listed company Bitmine Immersion Technologies (ticker: BMNR) announced that after its latest round of cumulative accumulation, its ETH holdings have reached 5.21 million coins, with total assets and cash combined at $13.4 billion, making it the largest Ethereum treasury company by public-market scale. According to a Bitmine investor notice, BMNR has already acquired 4.31% of Ethereum’s total supply, nearing the “5% position target” set by Chairman Tom Lee.

5.21 million ETH, $13.4 billion in total holdings

BMNR’s latest disclosed details:

ETH holdings: 5.21 million coins, representing 4.31% of Ethereum’s total supply (120.7 million coins)

Data from the week prior to the 5/4 disclosure: 5.18 million ETH, representing 4.29%

About 30k ETH added during the week, a clear slowdown versus the cumulative pace of more than 100k in previous weeks

Total crypto assets + cash: $13.4 billion (of which ETH is about $13.0 billion, cash is $0.7 billion, and combined Beast Industries and Eightco equity is $30k)

Staked ETH: 4.36 million coins (84% of total holdings), with annualized staking returns of about $297 million

BMNR is chaired by former Fundstrat founder Tom Lee, and it launched an Ethereum treasury strategy in mid-2025. At that time, the company’s holdings were about 1 million ETH; by May 2026, it had accumulated to 5.21 million ETH, completing a 5x scale expansion in 11 months.

Accumulation slows: nearing the 5% position threshold, Tom Lee signals adjustment

The reason for the clear decline in this week’s accumulation is consistent with Tom Lee’s public remarks on May 7: he said BMNR was nearing its 5% position target and that its buying pace over the coming weeks would be adjusted. From 5/4’s 5.18 million to 5/11’s 5.21 million, with only a 30k-coin incremental increase, this is the smallest week of accumulation for BMNR in the past three months.

In its latest announcement, Tom Lee reiterated: “Ethereum is still the most widely used smart contract blockchain and is suitable for the upcoming wave of agentic commerce.” This narrative is BMNR’s core valuation anchor—tying its ETH holdings to agentic financial infrastructure—unlike Strategy’s path, which positions BTC as a “store of value.”

Comparison: another corporate treasury path outside Strategy

The contrast between BMNR and Strategy (formerly MicroStrategy) has become two representative playbooks for crypto-company treasury strategies: Strategy holds 818,334 BTC, with a market value of about $66 billion; BMNR holds 5.21 million ETH, with total holdings of $13.4 billion. The former is a single asset (BTC), while the latter pairs it with staking yield (4.36 million staked ETH, annualized at $297 million).

For institutional investors, the distinctiveness of the BMNR model is “staking yield self-support”—84% of its ETH is staked to generate fixed returns, which can partially cover the company’s operating costs—unlike Strategy’s model structure that relies purely on BTC price appreciation.

Trackable indicators going forward include: whether BMNR stops actively buying around the 5% threshold, changes in ETH staking annualized yields, and the impact of ETH price volatility on BMNR’s stock price (currently, BMNR stock trades below net asset value per share, and the market has only partially priced in value fluctuations).

This article Bitmine Holdings Reach 5.21 Million ETH, Tom Lee Signals Slower Accumulation was first published on Chain News ABMedia.