Publicly traded Ethereum treasury firm BitMine Immersion Technologies added 26,659 ETH (~$62 million) last week, a significant slowdown from its previous pace of over 100,000 ETH per week. The firm now holds more than 5.2 million ETH, valued at approximately $12.1 billion, representing 4.3% of Ethereum's circulating supply. Chairman Tom Lee cited a strategic shift, aiming to reach the 'Alchemy of 5%' target by late 2026, though the firm is already 86% of the way there. Lee expressed optimism about a 'crypto spring,' noting that if ETH closes above $2,100 at the end of May 2026, it would mark the third consecutive monthly gain, a pattern unseen in bear markets. ETH recently traded at $2,315, down 0.6% in 24 hours. Despite the slowdown, BitMine's shares (BMNR) rose 0.5% on the day but have fallen over 43% in the past six months. The company's decision was telegraphed at the Consensus conference, where Lee hinted at exploring other crypto opportunities. Prediction markets favor a short-term ETH rise to $3,000 before a drop to $1,500.

Key facts

• BitMine added 26,659 ETH last week, down from over 100,000 ETH in prior weeks.
• Total holdings now exceed 5.2 million ETH, worth $12.1 billion.
• BitMine holds 4.3% of Ethereum's circulating supply, 86% toward its 5% goal.
• BMNR shares down 43% in six months; up 0.5% on the day.
• Lee expects ETH to close May 2026 above $2,100, signaling 'crypto spring'.

KeyAudit data perspective