Company Acquires 4.37% of Total Cryptocurrency Supply

Bitmine Immersion Technologies announced on May 18, 2026, that its cryptocurrency holdings have reached 5.28 million Ethereum tokens. This volume represents approximately 4.37 percent of the total circulating supply of 120.7 million ETH.

The company is pursuing a strategic objective it calls the Alchemy of 5%, with the goal of acquiring 5 percent of the total Ethereum supply. As of May 18, 2026, Bitmine is 87 percent of the way toward achieving this target within an 11-month period.

Aggressive Acquisition Strategy

In the week ending May 18, 2026, Bitmine increased its holdings by acquiring 71,672 ETH, a purchase valued at approximately $154 million. This represents a significant increase in buying activity compared to the 26,000 ETH acquired during the week ending May 11, 2026.

Bitmine Chairman Tom Lee attributed the recent buying surge to a dip in the price of Ethereum. Writing on social media, Lee stated, We view the recent pullback of ETH to below $2,200 as an attractive opportunity.

Lee further noted that rising crude oil prices have been the primary factor putting downward pressure on the price of the digital asset, adding that the ETH inverse correlation to oil is the highest ever.

Treasury Composition and Valuation

The company reported that its combined holdings of cryptocurrency, total cash, and moonshots total $12.6 billion. This treasury includes $685 million in total cash alongside the 5.28 million ETH tokens.

A substantial portion of the company’s Ethereum is utilized for staking. Bitmine holds 4,712,917 staked ETH, which is valued at $10.3 billion based on a price of $2,191 per ETH. The company utilizes the Made in America VAlidator Network, known as MAVAN, as its staking destination to prioritize security, resilience, and performance.

Beyond its primary Ethereum focus, Bitmine holds $83 million of Eightco (NASDAQ: ORBS). The company identifies Eightco as one of the few publicly listed equities globally that provides investors with indirect exposure to OpenAI.

Corporate Development and Institutional Support

Bitmine Immersion Technologies recently transitioned its listing status, moving from the NYSE American to the New York Stock Exchange (NYSE) effective April 9, 2026.

The company operates as a blockchain technology firm based in Las Vegas, Nevada. Its business model includes Ethereum treasury operations, Bitcoin ecosystem services—such as equipment leasing and consulting—and the optimization of third-party power and hosting arrangements.

Bitmine’s accumulation strategy is supported by a group of institutional investors, including:

• ARK’s Cathie Wood
• Founders Fund
• Pantera
• Kraken
• DCG
• Galaxy Digital
• Bill Miller III
• MOZAYYX
• Thomas Lee

The company continues to position itself as a leader among crypto treasury peers, focusing on the velocity of raising crypto net asset value per share and maintaining high trading liquidity for BMNR stock.