Inside Bitmine’s Ethereum Treasury Strategy and Its “Alchemy of 5%” Goal

That implies two useful pace estimates:

That recent pace is broadly consistent with a May 2026 third-party report saying Bitmine was buying around 100,000 ETH per week.^[32] The company’s own snapshots, however, remain the cleaner basis for the math because they disclose the actual reported holdings at specific dates.^[19][49][50]

When could Bitmine reach 5% of ETH supply?

There is no firm completion date in the company updates included here. A simple pace-based estimate depends heavily on which buying rate is used.

At the May 3 disclosed level of 5.18 million ETH, Bitmine needed roughly 855,000 more ETH to reach 5% of the 120.7 million ETH supply.^[49] If it kept buying at about 100,000 ETH per week, the target would be roughly eight to nine weeks away from the May 3 snapshot. If it reverted to the broader December-to-May average of about 59,000 ETH per week, it would take closer to 14 to 15 weeks.

There is also a third-party report that Chairman Tom Lee said Bitmine could hit its 5% ETH supply target in about six weeks at the then-current pace, while also weighing a slowdown in purchases as the goal gets closer.^[32] That should be treated as a reported pace comment, not a formal company guidance date. The public-company snapshots in the source set do not by themselves lock in a target date.^[49][50]

What “Alchemy of 5%” means

Bitmine’s “Alchemy of 5%” is the company’s stated ambition to accumulate 5% of total ETH supply. Earlier disclosures show the company framing its progress in percentage terms: it was at 3.41% of supply in late December 2025,^[19] 3.86% and more than 77% of the way to the goal in March 2026,^[17] 3.98% and more than 79% of the way in an April SEC exhibit,^[18] and more than 4.21% and 84% of the way by the April 26 update.^[50]

The latest May 3 update moved that to more than 4.29% of supply, though the source snippet does not state a new progress percentage.^[49] Based on the same 120.7 million ETH supply figure, the implied progress is about 86%.^[49]

How much ETH is staked through MAVAN?

The latest staked-ETH figure in the provided source set is 3,701,589 ETH as of the April 26 update, valued at $8.8 billion at $2,369 per ETH.^[47] That was about 73% of Bitmine’s 5,078,386 ETH position at that time.^[47][50]

Earlier updates show the staking program scaling alongside the treasury. A March SEC exhibit reported 3,142,643 staked ETH, valued at $6.5 billion at $2,072 per ETH, while Bitmine’s total ETH holdings stood at 4.661 million.^[17] An April company update reported 3,334,637 staked ETH as Bitmine’s ETH holdings reached 4.803 million.^[2]

Bitmine describes MAVAN as the “Made in America VAlidator Network,” an Ethereum staking destination for BMNR and institutional investors focused on security, performance, and resilience.^[2]

What staking revenue does Bitmine expect?

The most conservative answer is that the provided company releases give staked ETH amounts and dollar values, but they do not provide a clean, formal revenue-guidance line for MAVAN in the snippets available here.^[2][17][47]

Third-party estimates do exist. One report said staking 3.7 million ETH generated nearly $264 million in annualized yield.^[56] Another report said about 85% of Bitmine’s ETH was staked and generating more than $300 million in annualized staking revenue.^[32] Earlier commentary around the full 5% strategy described a target of roughly 6 million ETH and more than $374 million in annual staking fees through MAVAN.^[4]

Those numbers should be read as estimates or reported commentary, not as verified guidance from the company releases in this source set. They will also move with ETH price, the amount staked, validator performance, network staking economics, and any fees or costs tied to MAVAN.^[2][47][56]

Buybacks, slower buying, and other holdings

Bitmine is not only accumulating ETH. In an April SEC exhibit, the company said its board unanimously approved an expansion of its 2025 share-repurchase program from $1.0 billion to $4.0 billion.^[18] That matters because it gives the company another possible use of capital as the 5% ETH target comes closer.

Third-party reports also say Lee has discussed the possibility that Bitmine may slow ETH purchases as it nears the 5% goal and redirect attention toward staking, buybacks, or other crypto opportunities.^[32][38] The key caveat is that a buyback authorization is not the same as a completed repurchase plan, and the provided company updates do not specify exactly how future capital will be split between ETH buys, buybacks, staking infrastructure, cash, or “moonshots.”^[18][49]

Bitmine’s balance sheet already includes more than ETH. The April 26 update listed 200 Bitcoin, a $200 million stake in Beast Industries, a $91 million stake in Eightco Holdings, and $940 million in cash alongside the 5,078,386 ETH position.^[50] The May 3 update later showed total crypto, cash, and “moonshots” holdings of $13.1 billion, including 5.18 million ETH and $700 million in cash.^[49]

The bottom line

Bitmine is now very close to turning its Ethereum treasury plan from an accumulation story into an execution story. The latest company update in the source set puts its position at 5.18 million ETH, more than 4.29% of supply and roughly 86% of the way to 5%.^[49] Its most recent disclosed week implies buying near 100,000 ETH per week, but the timing of a 5% milestone depends on whether that rate continues.^[49][50]

The next phase is likely to be judged on three things: whether Bitmine keeps buying ETH at the current pace, how effectively it monetizes the position through MAVAN staking, and how much capital shifts toward the newly expanded $4 billion buyback authorization or other holdings.^[18][47][49]

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