BitMine Immersion Technologies said its Ethereum holdings reached 5,390,404 ETH as of May 25, after the company acquired 111,942 ETH over the previous week. The company valued the ETH position at about $11.5 billion using a $2,134 ETH price, and reported total crypto, cash, and strategic investment holdings of $12.3 billion.

The update keeps BitMine as one of the most aggressive public-company buyers of Ethereum. The company said its ETH position represents 4.47% of Ethereum's 120.7 million token supply, putting it 89% of the way toward its stated goal of holding 5% of total ETH supply.

Chairman Tom Lee framed the latest purchase as a response to ETH's pullback below $2,200. CoinDesk reported that the weekly buy was BitMine's largest since December, despite Lee previously suggesting a slower pace of accumulation.

The announcement also gives more detail on BitMine's staking strategy. The company said 4,712,917 ETH, or more than 87% of its ETH holdings, was staked as of May 25. BitMine said its staking operations generated a 2.75% seven-day annualized yield and projected $276 million in annual staking rewards at scale.

Those figures are company-reported and tied to market prices at the time of the announcement. The practical significance is concentration: a listed company is moving closer to controlling 5% of ETH supply while also operating a large validator footprint through its MAVAN staking platform.