Bitmine Immersion (BMNR) said on Monday that its Ethereum (ETH) holdings have continued to climb, reaching 5 million tokens and getting closer to the company’s longer-term goal of owning 5% of the total ETH supply.

The firm described the update as evidence that a “crypto spring” has begun, and used the announcement to reinforce why it believes ETH matters not only as an asset, but also as a form of diversification for investors.

What’s In Bitmine Immersion’s Portfolio?

According to Bitmine’s disclosure, the company controls more than 4.31% of ETH’s total supply of 120 million coins. The release also breaks down its overall crypto and non-crypto holdings as of May 10.

Bitmine reported 5,206,790 ETH valued at $2,366 per ETH, along with 201 Bitcoin (BTC). Beyond the major cryptocurrencies, the company said it has a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and total cash of $775 million.

Bitmine also provided figures on staking. As of May 10, it said its total staked ETH stands at 4,7 million, which it valued at $11.1 billion using the same $2,366 per ETH reference. The company added that its staked ETH volume is higher than that of other entities globally.

“Bitmine has staked more ETH than other entities in the world,” the company’s CEO Tom Lee said in the release. He continued that, at scale, the projected staking reward is $352 million annually, based on a 2.86% 7-day BMNR yield.

Lee tied the company’s accumulation strategy to broader market drivers. He said the firm wants to highlight the role of owning ETH as a diversification tool, alongside the factors he believes could push the next “crypto bull” phase.

Is ‘Crypto Spring’ Already Here?

Bitmine also disclosed that its buying and staking activity is directly contributing to reduced circulating supply. Lee stated that, since the start of 2026, the company has acquired over 1 million ETH and accumulated more than 4.3% of the total supply.

He said Bitmine intends to hold and stake its ETH holdings, meaning those coins are effectively removing liquidity from the market. In his words, ETH has been “disinflationary since June 2025” because Bitmine had already removed 4.3% of ETH supply from circulation since June 30, 2025.

The company also adjusted its near-term accumulation plan. Lee said Bitmine has decided to slow down the pace of weekly accumulation from a targeted rate of more than 100,000 ETH per week.

Lee said maintaining the earlier pace of weekly purchases would have meant reaching the 5% level by mid-July, but the shift now reflects a change in timing for how quickly the target is approached.

Lastly, Bitmine pointed to market correlations it believes support its “crypto spring” thesis. The company said ETH prices have been correlated with software stocks.

It stated that both ETH and the software ETF have been moving higher together in recent months. In its interpretation, the recovery in software stocks during 2026 is additional evidence that “crypto spring” has commenced.

At the time of writing, ETH was trading just below the company’s average purchase price of $2,366, but was still holding on to gains of 2.3% over the previous two weeks.

Featured image created with OpenArt, chart from TradingView.com

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