Bitmine Immersion Technologies (BMNR) has dramatically slowed its pace of ether (ETH) purchasing, as noted by President Tom Lee, following months of aggressive buying that made it the largest Ethereum treasury in the world.
The company purchased 26,659 ether last week, worth about $63 million based on the current ether price. That’s about a quarter of the average weekly transportation you bought over the past few weeks.
The purchase raised Bitmine’s holdings to more than 5.2 million ETH, or about 4.31% of the circulating supply of ether, according to an update from the company on Monday.
The update follows comments Lee made last week at Consensus 2026 in Miami, where he said BitMine may begin to moderate its buying pace after one of the fastest accumulation runs in the crypto market.
The slowdown follows comments Tom Lee made last week at Consensus 2026 in Miami, where he said Bitmine was considering facilitating purchases as it neared its long-term goal of acquiring 5% of the Ethereum supply.
“We have decided to reduce our weekly accumulation rate of more than 100,000 [ETH] per week,” Lee said in Monday’s statement. “Our previous purchasing pace would allow us to reach 5% by mid-July.”
Bitmine remains one of the few large digital asset treasury companies that has continued to consistently purchase cryptocurrencies during the recent market crash. Since the beginning of 2026, the company has acquired more than 1 million ETH, according to Lee.
The company’s total cryptocurrency and cash holdings amounted to $13.4 billion. In addition to ETH, BitMine owns 201 bitcoins, $775 million in cash and equity stakes, including investments in Beast Industries and Eightco Holdings.
Lee reiterated his view that the “crypto spring” has begun, pointing to ether’s recent rally and improving sentiment in software and growth stocks.
“If ETH closes above $2,100 at the end of May, this would be the third consecutive monthly gain; this has never been seen in a cryptocurrency bear market,” Lee said.
BitMine has also expanded its staking operations. The company now has over 4.7 million ETH at stake (more than 90% of its holdings), representing around $11.1 billion in assets that generate staking rewards. Its MAVAN staking platform, launched earlier this year, is aimed at institutional clients as well as Bitmine’s own treasury operations.
