- Bitmine purchased 71,672 ETH valued at $153.66 million.
- ETH holdings reached 5,278,462 ETH, equal to 4.37% of Ethereum’s 120.7 million supply.
- Total crypto, cash, and “moonshot” holdings were reported at $12.6 billion.
- 4,712,917 ETH are currently staked, valued at approximately $10.3 billion.
- Bitmine stated it is 87% of the way toward its “Alchemy of 5%” target.
- The company uplisted to the New York Stock Exchange (NYSE) on April 9, 2026.
Bitmine Reports Expanded Ethereum Holdings
Bitmine Immersion Technologies (BMNR) announced that its Ethereum holdings reached 5,278,462 ETH following the purchase of 71,672 ETH valued at approximately $153.66 million. According to the announcement, the total ETH holdings represent more than 4.37% of Ethereum’s total circulating supply of 120.7 million ETH.
Bitmine stated that it has reached 87% progress toward its stated “Alchemy of 5%” objective within 11 months. The company also reported that Ethereum continues to benefit from increased Wall Street tokenization activity and from growing demand for public and neutral blockchains by agentic AI systems.
Staked ETH and Total Holdings
Bitmine disclosed that 4,712,917 ETH are currently staked through its operations. Based on an ETH price of $2,191, the staked holdings were valued at approximately $10.3 billion. The company said MAVAN, described as the Made in America VAlidator Network, serves as an Ethereum staking platform for BMNR and institutional investors with a focus on security, performance, and resilience.
As of May 17, 2026, Bitmine reported total crypto, cash, and “moonshot” holdings of $12.6 billion. The holdings include:
- 5,278,462 ETH valued at $2,191 per ETH
- 202 Bitcoin (BTC)
- A $200 million stake in Beast Industries
- An $83 million stake in Eightco Holdings (NASDAQ: ORBS)
- Total cash holdings of $685 million
Bitmine stated that its stake in Eightco Holdings provides indirect exposure to OpenAI through a publicly listed equity structure.
Ethereum Market Context
From May 11 to May 17, 2026, Ethereum experienced a notable market correction, with prices falling from around $2,369 to nearly $2,128 during the week. Ethereum’s market capitalization also declined during the period amid broader crypto market volatility and weaker investor sentiment. ETH briefly dropped below the important $2,300 support level as selling pressure increased across the cryptocurrency market. Analysts noted that weakening momentum indicators and lower trading activity contributed to Ethereum’s short-term bearish trend. Despite the pullback, Ethereum maintained its position as the world’s second-largest cryptocurrency by market capitalization. Investors continued monitoring ETF flows, macroeconomic conditions, and Ethereum network developments for signs of a market recovery.
Compared with the previous week, Bitmine Immersion Technologies (BMNR) increased its Ethereum holdings from 5.21 million ETH to 5.28 million ETH after purchasing an additional 71,672 ETH. The company’s share of Ethereum’s total supply rose from 4.31% to 4.37%, while progress toward its “Alchemy of 5%” target increased from 86% to 87%. Despite the increase in ETH holdings, Bitmine’s total crypto and cash holdings declined from $13.4 billion to $12.6 billion due to a lower reported ETH valuation price, which fell from $2,366 to $2,191 per ETH during the reporting period.
Source: Bitmine Immersion Technologies (BMNR)
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