Bitmine Immersion Technologies (BMNR) has sharply lowered its ether (ETH) buying rate, Chairman Tom Lee signaled, after months of aggressive buying that made it the world’s largest Ethereum treasury company.
The firm bought 26,659 ether last week, worth about $63 million based on ether’s current price. That’s about a quarter of the average weekly haul it has bought over recent weeks.
The purchase lifted Bitmine’s holdings to over 5.2 million ETH, or about 4.31% of ether’s circulating supply, according to a company update 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 easing purchases as it neared its long-term goal of acquiring 5% of Ethereum’s supply.
“We have decided to lower our weekly accumulation from over 100,000 [ETH] week,” Lee said in Monday’s statement. “Our previous pace of buying would see us reach 5% by mid-July.”
Bitmine remains one of the few major financial assets still consistently buying crypto during the recent market downturn. Since the start of 2026, the company has acquired more than 1 million ETH, according to Lee.
The company’s total crypto and cash holdings were $13.4 billion. In addition to ETH, BitMine holds 201 bitcoins, $775 million in cash and equity holdings including investments in Beast Industries and Eightco Holdings.
Lee reiterated his view that the “crypto spring” has begun, pointing to ether’s recent recovery and improved 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 is never seen in a crypto bear market,” Lee said.
BitMine has also expanded its stake activities. The firm now has over 4.7 million ETH staked – more than 90% of its holdings – equivalent to around $11.1 billion in assets that generate staking rewards. Its MAVAN stake platform, launched earlier this year, targets institutional clients as well as Bitmine’s own treasury operations.
