Bitmine Immersion Technologies has shifted its Ethereum (ETH) accumulation strategy, slowing down its purchases after amassing more than 5.2 million ETH. Chairman Tom Lee revealed the company recently acquired 26,659 ETH last week, a purchase worth approximately $63 million at current prices, marking a significant reduction in their previous buying pace.
Signals of slowdown and company targets
The latest purchase represents just a quarter of Bitmine’s recent average weekly ETH acquisitions. Speaking at the Consensus 2026 event in Miami, Tom Lee explained, “We decided to lower our weekly acquisition rate from over 100,000 ETH. If we had continued at our previous pace, we would have reached our 5% supply target by mid-July.”
A Bitmine spokesperson emphasized that the company’s decision to decelerate its accumulation rate is directly tied to their nearing milestone of holding 5% of the total Ethereum supply.
Currently, Bitmine controls over 5.2 million ETH—about 4.31% of Ethereum’s circulating supply. This figure was highlighted in the company’s update published to the public on Monday.
Market stance and investment portfolio
Bitmine has acquired over 1 million ETH since the start of 2026, maintaining steady investments even as broader cryptocurrency markets experienced declines. This positions Bitmine among the few institutional players consistently accumulating ETH in recent months.
Beyond ETH, the company’s portfolio includes 201 bitcoins, $775 million in cash, and equity stakes in Beast Industries and Eightco Holdings. Altogether, Bitmine’s combined cash and digital asset holdings are valued at $13.4 billion.
Growth in staking operations
Staking has become a cornerstone of Bitmine’s strategy. More than 90% of their ETH holdings—exceeding 4.7 million ETH, valued at nearly $11.1 billion—are actively staked. This deployment generates regular staking rewards for the company.
Bitmine’s staking platform, MAVAN, launched at the beginning of 2026, now caters not only to the company’s own assets but also to a range of institutional clients across the market.
Company statements suggest that recents gains in ETH price, combined with recovering tech and growth-oriented equities, may be ushering in a new “spring” for the crypto market.
Tom Lee remarked that, “If ETH closes above $2,100 at the end of May, it will mark a third consecutive monthly rise—something unprecedented in previous crypto bear markets.”
