Bitmine Immersion Technologies (NYSE: BMNR) announced Monday morning that it holds 5,416,901 ether — 4.49% of ETH's circulating supply of 120.7 million tokens — making it the largest corporate ETH treasury in the world and putting it 90% of the way toward its self-declared "alchemy of 5%" target.

The disclosure, timestamped May 31, 2026 at 2:00 p.m. ET and published via PR Newswire on June 1, 2026, showed the company added 26,497 ETH over the past week — worth roughly $53 million at $2,003 per ETH. That is down more than 75% from the prior week's 120,000 ETH purchase, the largest single-week buy Bitmine made in 2026.

The slowdown was deliberate. Chairman Thomas "Tom" Lee said at Consensus 2026 in May that the company intended to moderate its buying pace as it closed in on the 5% threshold. In Monday's statement, he offered this on Ethereum's current price:

"ETH prices are not reflecting the strengthening of Ethereum fundamentals. But then again, this is not surprising given we are in the early stages of crypto spring."

ETH was trading around $2,003 at the time of the release. The token has broadly underperformed its supply-squeeze narrative this year.

Beyond the ETH treasury, Bitmine reported total crypto and cash holdings of $11.6 billion as of May 31: 5.42 million ETH (4,718,677 of which are staked via its MAVAN validator platform, generating an estimated $258 million in annualized staking revenue), 203 BTC, $446 million cash, a $180 million stake in Beast Industries, and a $93 million stake in Eightco Holdings. The company is the 225th most-traded US stock by dollar volume, averaging $628 million per day over the prior four trading days.

The contrast with Bitcoin treasury moves was hard to miss. Strategy (MSTR) disclosed on June 1 that it sold 32 BTC for $2.5 million in late May — its first bitcoin sale in four years — while Bitmine was still actively accumulating. Bitmine has added more than 1 million ETH since January 1, 2026.

The company's institutional backers include ARK Investment Management (Cathie Wood), Founders Fund, MOZAYYX, Pantera, Kraken, DCG, Galaxy Digital, and Bill Miller III. Bitmine has now been building its ETH position for less than 11 months.