Tom Lee's Bitmine Slows Ethereum Purchases After Acquiring 1 Million ETH This Year
Bitmine Immersion Technologies (BMNR), led by Chairman Tom Lee, has sharply reduced its weekly Ethereum (ETH) purchases after months of aggressive accumulation. The firm bought only 26,659 ether last week, worth about $63 million, a significant drop from the average of 100,000 ETH per week in previous weeks. This slowdown follows Lee's comments at Consensus 2026 in Miami, where he signaled a moderation in buying pace as the company approaches its long-term goal of acquiring 5% of Ethereum's supply. Bitmine now holds over 5.2 million ETH, representing 4.31% of circulating supply, making it the world's largest Ethereum treasury company. The company also holds 201 bitcoin, $775 million in cash, and equity stakes. Despite the slowdown, Lee remains bullish, stating that 'crypto spring' has begun, citing ether's recovery and improving sentiment. Bitmine has expanded staking operations, with over 4.7 million ETH staked (over 90% of holdings) on its MAVAN platform.
Key facts
- Bitmine bought only 26,659 ETH last week, down from average 100,000 ETH weekly.
- Company holds over 5.2 million ETH, 4.31% of circulating supply.
- Chairman Tom Lee cited approaching 5% supply goal for slowdown.
- Bitmine has staked over 4.7 million ETH on its MAVAN platform.
- Lee says 'crypto spring' has begun, citing ETH recovery and sentiment.