BitMine Immersion Technologies may slow ETH purchases after nearing 5% supply goal
Publicly traded Ethereum treasury firm BitMine Immersion Technologies has accumulated over 5.18 million ETH (worth $11.9 billion) in less than a year, approaching its goal of acquiring 5% of total ETH supply. Chairman Tom Lee stated at Consensus 2025 that the firm may slow its buying pace, which had reached 100,000 ETH per week ($230 million). Lee noted they might reach the 5% target in six weeks at current rates but are considering a slower approach to pursue other crypto opportunities. Lee did not specify alternative initiatives but cited the firm's recent launch of the MAVAN Ethereum staking network and investments in MrBeast's Beast Industries and Eightco (a Worldcoin treasury firm). He emphasized that BitMine has diversified bets including Ethereum, staking, and other ventures, deeming the risk-reward favorable. The firm's stock (BMNR) dropped 4% on the announcement to $22.01, though it has gained 9% in the past month. Shares remain 86% below their 52-week high of $161. For wallet and key holders, BitMine's potential slowdown in ETH accumulation could reduce upward price pressure from a major institutional buyer, but its continued staking and diversified activities signal ongoing institutional confidence in Ethereum. However, the firm's rapid accumulation and concentrated holdings may pose centralization risks, and key holders should monitor any future disclosures about staking or treasury management that could affect ETH liquidity or market dynamics.
Key facts
- BitMine has accumulated over 5.18 million ETH (4% of supply) in under a year.
- Chairman Tom Lee says firm may slow weekly purchases of 100,000 ETH.
- Firm approaching 5% supply goal; may hit it in six weeks at current pace.
- BMNR stock down 4% on Thursday, trading at $22.01.
- BitMine also runs Ethereum staking network and has diverse crypto investments.