Tom Lee slowed Bitmine ETH purchases after the company amassed over 5.2 million tokens and 4.3% of Ethereum supply.
summary
- Bitmine purchased 26,659 ETH last week, worth approximately $63 million, down from more than 100,000 ETH in each of the previous three weekly periods.
- Tom Lee said the previous pace would have taken Bitmine to its 5% Ethereum supply target by mid-July, leading to a slowdown.
- Bitmine holds over 4.7 million ETH, generating an estimated $319 million in annual staking rewards at current returns.
Bitmine Diving Technologies (BMNR) Bought 26,659 ETH last week worth roughly $63 million, down sharply from the more than 100,000 ETH it had been receiving each week for several months. The purchase brings total holdings to over 5.2 million ETH, worth approximately $12.1 billion, making Bitmine the largest Ethereum treasury in the world.
President Tom Lee He said The company has deliberately reduced its pace. “We have decided to slow down our weekly backlog from over 100,000 per week,” he said. “Our previous buying pace will get us to 5% by mid-July.”
Why is Bitmine holding back on buyouts?
Bitmine originally expected to reach its goal of 5% Ethereum exposure in late 2026. The aggressive pace of accumulation has shortened that timeline to weeks, prompting a reassessment. The company now owns 4.31% of the circulating Ethereum supply, which amounts to approximately 120.7 million ETH.
for me repeat His view is that the “crypto spring” has begun, pointing to the recent rebound in Ethereum prices. “If ETH closes above $2,100 at the end of May, this will be the third consecutive monthly gain. We have never seen this before in a cryptocurrency bear market,” he said.
Since the beginning of 2026, Bitmine has acquired more than 1 million ETH. Its holdings in cryptocurrencies, cash, and stocks totaled $13.4 billion as of May 10, including 201 Bitcoin, a $200 million stake in Beast Industries, and $775 million in cash.
Staking strategy and what comes next
I have bitumen Bet 4,712,917 ETH, representing over 90% of its total holdings and generating an estimated $319 million in annual staking rewards based on a 2.86% seven-day return. This makes it the largest investor in ETH of any public company globally.
The company’s MAVAN platform, which launched earlier in 2026, is positioned to serve institutional clients alongside Bitmine’s treasury operations.
Lee said the two main drivers for Ethereum moving forward are Wall Street’s move toward tokenization and the emergence of proxy AI systems that rely on public blockchains for payments and verification.
