Bitmine Slows Ether Buys After Acquiring 1M ETH in 2026

TLDR

• Bitmine reduced its weekly ether purchases after months of rapid accumulation in 2026.
• The company bought 26,659 ETH last week, worth about $63 million at current prices.
• Bitmine now holds more than 5.2 million ETH, which equals about 4.31% of Ethereum’s circulating supply.
• Tom Lee said the firm slowed buying as it approached its long-term goal of owning 5% of supply.
• Bitmine has acquired over 1 million ETH since the start of this year.
• The company’s total crypto and cash holdings stand at $13.4 billion.

Bitmine Immersion Technologies has reduced its weekly ether purchases after months of rapid accumulation. Chairman Tom Lee confirmed the shift after the firm approached its 5% Ethereum supply target. The company still holds over 5.2 million ETH after buying more than 1 million tokens this year.

Bitmine Eases Weekly Ether Accumulation Pace

Bitmine bought 26,659 ETH last week, valued at about $63 million at current prices. However, that figure equals roughly one quarter of its recent weekly average. The purchase increased total holdings to over 5.2 million ETH, or about 4.31% of the circulating supply.

Tom Lee addressed the change during remarks at Consensus 2026 in Miami. He said the company would reduce weekly purchases from over 100,000 ETH. “Our previous pace of buys would have us reach 5% by mid-July,” Lee said in a statement.

The company adjusted its pace as it neared its long-term acquisition target. Lee said Bitmine considered easing purchases once it approached the 5% threshold. The firm has already acquired more than 1 million ETH since January 2026.

Bitmine continues to buy ether despite the broader market downturn. Lee stated that the company remains committed to its treasury strategy. He described the recent months as one of the fastest accumulation periods in the crypto sector.

He also expressed confidence in current market trends and recovery signals. “We have decided to slow down our pace of weekly accumulation,” Lee said. He linked the change to timing rather than a shift in outlook.

Ethereum Holdings and Treasury Composition

Bitmine’s total crypto and cash holdings stand at $13.4 billion. The company holds 201 Bitcoin alongside its Ether reserves. It also maintains $775 million in cash and equity stakes.

Those equity investments include Beast Industries and Eightco Holdings. However, ether remains the core asset in the company’s treasury. The firm focuses its strategy on Ethereum’s long-term supply position.

Bitmine has staked more than 4.7 million ETH from its total holdings. That amount represents over 90% of its ether balance. The staked assets currently hold an estimated value of $11.1 billion.

The company operates its MAVAN staking platform to manage these assets. It launched the platform earlier this year for institutional clients. Bitmine also uses MAVAN for its internal treasury operations.

Lee reiterated his outlook for Ether’s price performance. “If ETH closes above $2,100 at the end of May, this would be the third consecutive monthly gain,” he said. He added that such a streak has not occurred during a crypto bear market.

The company continues to monitor Ether’s monthly performance levels. Lee linked price strength to improving sentiment in software and growth stocks. He maintained that what he calls “crypto spring” has begun.