Bitmine Slows Ethereum Binge: A Wodehouse-Style Take

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  • 201 BTC
  • $775 million in cash
  • A $200 million stake in Beast Industries
  • An $88 million stake in Eightco Holdings

The company listed on the New York Stock Exchange in April after stepping up from the NYSE American market, a move that would have pleased a boardroom goose and a broker alike.

Expanding focus beyond Ethereum accumulation

Speaking at Consensus Miami 2026, Chairman Lee declared Bitmine is plotting a three-pronged strategy: its Ethereum treasury, institutional staking operations, and investments tied to the glamorous world of artificial intelligence and creator-focused ventures.

Ethereum remains the centerpiece of Bitmine’s balance sheet, yet Lee indicates a broadening horizon. The firm now claims more than 4% of Ethereum’s circulating supply-a milestone they once assumed would take years. They first crossed 1% in August 2025 and have been quietly multiplying ever since.

Lee added that the earlier pace of roughly 100,000 ETH per week would have propelled Bitmine to 5% within weeks, prompting a reallocation of capital across its growing enterprises.

More than 4.7M ETH staked

Bitmine reports 4,712,917 ETH-over 90% of its ether holdings-are currently staked. At current prices, those staked assets are worth about $11.1 billion. The company estimates that staking yields about $319 million annually, based on a seven-day yield of 2.86%.

Additionally, Bitmine launched MAVAN, short for Made in American Validator Network, earlier this year. The platform began as a house for its own staking operations and is being primed to serve institutional clients, like a club for validators with a public-spirited stamp.

Lee sees Ether strength signals “crypto spring”

Lee reiterated a sunny outlook for Ethereum, tying its fate to software and growth stocks. If Ether finishes May above $2,100, he says it would mark a third straight monthly gain-a pattern not seen in prior crypto bear scrums.

Since the start of 2026, Bitmine claims to have acquired more than 1 million ETH. With over 5.2 million ETH on its balance sheet, Bitmine remains the largest Ethereum treasury company in the world and one of the largest publicly traded crypto treasury firms on the showiest street of town.

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2026-05-11 17:11