Bitmine Slows ETH Purchases After Reaching $5.2 Million Goal
Tom Lee has reduced Bitmine’s ETH acquisitions after the company amassed over 5.2 million tokens, accounting for 4.3% of Ethereum’s overall supply.
Summary
- Last week, Bitmine acquired 26,659 ETH, worth around $63 million, a notable decrease from the over 100,000 ETH it had been buying weekly for the previous three weeks.
- Tom Lee mentioned that at the previous acquisition rate, Bitmine would have achieved its 5% Ethereum supply target by mid-July, prompting the decision to decelerate.
- Currently, Bitmine has staked more than 4.7 million ETH, producing an estimated $319 million in annual staking rewards at current rates.
Bitmine Immersion Technologies (BMNR) purchased 26,659 ETH last week for about $63 million, significantly lesser than the more than 100,000 ETH it acquired weekly for several months. This latest acquisition brought total holdings over 5.2 million ETH, valued at approximately $12.1 billion, making Bitmine the largest Ethereum treasury firm worldwide.
Chairman Tom Lee explained that the firm decided to intentionally lower its buying pace. “We opted to reduce our weekly purchases from over 100,000 to avoid reaching 5% too quickly,” he stated. “At our previous rate, we would have landed at 5% by mid-July.”
Reasons for Bitmine’s reduction in purchases
Originally, Bitmine targeted to reach its 5% Ethereum supply goal by late 2026. However, the quick accumulation rate significantly hastened that timeline, requiring a reassessment. The firm now holds 4.31% of Ethereum’s circulating supply, approximately 120.7 million ETH.
Lee reiterated his conviction that a “crypto spring” has begun, highlighting Ethereum’s recent price recovery. “If ETH closes above $2,100 at the end of May, it will mark the third consecutive monthly gain—a rare occurrence in a bear market,” he noted.
Since the start of 2026, Bitmine has acquired over 1 million ETH. As of May 10, its total assets in cryptocurrency, cash, and equity reached $13.4 billion, which includes 201 Bitcoin, a $200 million investment in Beast Industries, and $775 million in cash.
Staking strategy and outlook ahead
Bitmine has staked 4,712,917 ETH, which represents over 90% of its total holdings, generating an estimated $319 million in annualized staking rewards at a 2.86% seven-day yield. This positions it as the largest ETH staker among public companies globally.
The firm’s MAVAN staking platform, launched earlier in 2026, is being developed to cater to institutional clients, alongside Bitmine’s treasury operations.
According to Lee, the two main catalysts for Ethereum’s future growth are Wall Street’s shift towards tokenization and the rise of agentic AI systems that rely on public blockchains for transactions and validation.