Bitmine Slows Ether Hunt as Tom Lee Aims for 5%

by

Finance

What to know:

  • Bitmine has suddenly decided the ether pantry needs a rest, plucking 26,659 ETH last week for about $63 million – roughly a quarter of its recent weekly harvest, as if someone told them the weekly curry could be made with fewer onions.
  • Chairman Tom Lee says the firm is easing off the accelerator in pursuit of a long-term dream: owning 5% of Ethereum’s supply and stacking more than 1 million ETH since the dawn of 2026.
  • The latest buy nudged Bitmine’s stash over 5.2 million ETH, about 4.31% of the cryptocurrency’s circulating supply, enough to make a decent-sized dragon blush.

Bitmine Immersion Technologies (BMNR) has slowed the ether-scouting parade as Chairman Tom Lee signals a mood shift after months of aggressive hunting that made it the world’s most diligent Ethereum treasury hoarder.

The firm snapped up 26,659 ether last week, worth about $63 million by today’s charmingly volatile price, roughly a quarter of the average weekly haul it had been hauling home in recent times.

The purchase lifted Bitmine’s holdings to over 5.2 million ETH, or around 4.31% of ether’s circulating supply, according to a Monday company update.

The update follows Lee’s remarks last week at Consensus 2026 in Miami, where he hinted BitMine might begin moderating its buying pace after one of the fastest accumulation sprees seen in the crypto market.

The slowdown follows comments Lee made at Consensus 2026 in Miami, where he said Bitmine was considering easing purchases as it approached its long-term goal of acquiring 5% of Ethereum’s supply.

“We have decided to slow down our pace of weekly accumulation from over 100,000 ETH per week,” Lee said in Monday’s statement. “Our previous pace of buys would have us reach 5% by mid-July.”

Bitmine remains one of the few heavyweight digital asset treasury firms still steadily buying crypto during the market drift, having acquired more than 1 million ETH since the start of 2026, according to Lee.

The company’s total crypto and cash holdings stood at $13.4 billion. In addition to ETH, BitMine holds 201 bitcoin, $775 million in cash, and equity stakes including investments in Beast Industries and Eightco Holdings.

Lee reiterated his belief that a crypto spring has begun, pointing to ether’s recent rebound and improving sentiment in software and growth stocks.

“If ETH closes above $2,100 at the end of May, this would be the third consecutive monthly gain – a feat never witnessed in this particular crypto bear garden,” Lee said.

BitMine has also expanded its staking operations. The company now has over 4.7 million ETH staked – more than 90% of its holdings – representing about $11.1 billion of assets generating staking rewards. Its MAVAN staking platform, launched earlier this year, aims at institutional clients as well as Bitmine’s own treasury operations.

Read More

2026-05-11 15:57