Bitmine Immersion Technologies (BMNR) has sharply reduced its pace of ether (ETH) purchases after months of aggressive accumulation. Chairman Tom Lee confirmed the slowdown, signaling the firm is nearing its long-term goal of acquiring 5% of Ethereum's circulating supply.
The company purchased just 26,659 ETH last week, worth approximately $63 million - roughly a quarter of the 100,000 ETH weekly average it had maintained in prior weeks. The buying spree since the start of 2026 has added over 1 million ETH to Bitmine's treasury, pushing total holdings to more than 5.2 million tokens, or about 4.31% of Ethereum's circulating supply.
Lee said at Consensus 2026 in Miami that the firm decided to moderate its pace to avoid overshooting the 5% target by mid-July. Despite the slowdown, Bitmine remains one of the few major digital asset treasury companies still buying crypto during the current market downturn.
The firm’s total crypto and cash holdings now stand at $13.4 billion. Beyond ETH, Bitmine holds 201 bitcoin, $775 million in cash, and stakes in Beast Industries and Eightco Holdings.
Lee reiterated that a "crypto spring" has begun, noting ether's recent recovery and improving sentiment among software and growth stocks. He said if ETH closes above $2,100 at the end of May, it would mark a third consecutive monthly gain - a feat never seen during a crypto bear market.
Bitmine has also expanded its staking operations, with over 90% of its ETH holdings - roughly 4.7 million tokens worth $11.1 billion - now staked. Its MAVAN staking platform, launched earlier this year, targets institutional clients and supports the firm's own treasury operations.