Ethereum treasury firm Bitmine has acquired an additional 26,497 ETH, worth about $52 million at today’s prices. This boosts its total ether holdings to 5,416,901 ETH, according to an announcement on Monday.

Bitmine Chairman Tom Lee predicted the firm is "expected to reach" its goal of holding 5% of the total (ETH) supply "sometime in 2026." It currently holds 4.49% of the total, with Ethereum’s circulating supply estimated at 120.7 million coins.

ETH is currently trading at $1,978, according to The Block’s price page, off about 30% year-to-date and down 60% from its all-time high of $4,946. The crypto industry in general has been trading rough, even as major stock indexes like the S&P 500 and Nasdaq near record highs. 

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"In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring. Bitmine is expected to reach the 'alchemy of 5%' sometime in 2026," Lee said in a statement.

Bitmine shares (BMNR) are trading around $19, down 1.40% on the day and 39% year-to-date.

Bitmine’s ETH accumulation has slowed in recent weeks, in line with a previous announcement from Lee stating it would rein in its pace of acquisition from up to 100,000 ETH per week, which would reach the 5% target in mid-July. Earlier this year, the firm announced acquisition sizes between 45,000 and 76,000 ETH per week.

That said, Bitmine added nearly 112,000 ETH last week, capitalizing on an Ethereum price drop.

The firm also holds 203 bitcoin, a $180 million stake in Beast Industries, and a $93 million stake in Eightco Holdings, along with $446 million in cash. Its ETH treasury is worth about $10.6 billion using Monday’s ETH price, making Bitmine the second-largest digital asset treasury behind Strategy, which holds over $60 billion worth of bitcoin.

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Bitmine has staked about 4.7 million ETH, generating an annualized revenue of $258 million. The firm had developed its Made in America Validator Network to stake its ETH, but has largely relied on staking partners like Coinbase, according to recent announcements and coin movements.

"Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $296 million on an annualized basis (using 2.73% 7-day BMNR yield)," Lee said.

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Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, Bitmine recently announced its uplisting to the New York Stock Exchange from NYSE American on April 9.