Here’s Why Tom Lee’s BitMine May Slow Ethereum Buying

TLDR

• BitMine held about 5.18M ETH as of May 3.
• The company controls about 4.29% of Ethereum’s total supply.
• Tom Lee said BitMine buys about 100,000 ETH per week.
• BitMine could reach its 5% ETH target in about six weeks.
• About 85% of BitMine’s ETH holdings are staked.

BitMine Chairman Tom Lee said the company may reduce the pace of its Ethereum purchases as it moves closer to its target of holding 5% of the total ETH supply.

Lee made the comments on Thursday at Consensus 2026 in Miami, where he said BitMine had advanced toward its accumulation target much faster than originally expected. The company had planned for the strategy to take several years, but its current buying pace could bring it to the 5% level within weeks.

BitMine is the largest publicly traded Ethereum treasury firm. The company held about 5.18 million ETH as of May 3, equal to around 4.29% of Ethereum’s total supply of 120.7 million ETH. At recent prices near $2,300, those holdings were valued at about $11.9 billion.

Lee said BitMine has recently been buying about 100,000 ETH per week. If that pace continues, the company may reach its 5% target in about six weeks. He said the firm is considering whether to accumulate more slowly rather than reach the threshold too quickly.

BitMine Nears Its 5% ETH Target

BitMine has described its 5% supply goal as the “Alchemy of 5%.” The company said this week that it was about 86% of the way to that target after purchasing 101,745 ETH in the previous week.

The rapid buying has made BitMine one of the most active corporate digital asset buyers in public markets. Its Ethereum treasury strategy has also placed it behind Strategy as one of the largest corporate crypto holders by asset value.

The possible slowdown does not mean BitMine plans to stop using Ethereum as its main treasury reserve asset. Lee said the company still sees ETH as central to its strategy, but capital allocation may also shift toward staking, buybacks and platform growth.

ETH traded near $2,300 at the time of the remarks, down about 2% on the day. BitMine shares traded near $21.97, giving the company a market value of about $11.8 billion.

Staking Revenue Shapes Capital Plans

Lee said BitMine’s staking activity gives the company cash flow that separates its model from firms relying only on asset appreciation. About 85% of BitMine’s ETH holdings are staked.

The company reported 4.36 million staked ETH as of May 3, valued at about $10.2 billion using an ETH price of $2,336. Lee said annualized staking revenue was near $297 million to more than $300 million, equal to roughly $1 million per day.

BitMine’s own staking operations generated a 2.91% annualized seven-day yield, according to company figures. The revenue gives the firm another source of capital while it holds Ethereum.

The company is also expanding MAVAN, its institutional staking platform launched in March. Lee said MAVAN is currently staking about $14 billion in digital assets, including Ethereum, Solana and Canton Coin.

Share Buybacks and Treasury Strategy

BitMine is also reviewing other uses of capital after announcing a $4 billion share repurchase authorization. Lee said the firm may direct more attention toward buybacks and staking operations as the ETH accumulation target comes closer.

The company’s total crypto, cash and other holdings stood at about $13.1 billion. That included ETH, 200 BTC, about $700 million in cash, and equity stakes in Beast Industries and Eightco Holdings.

Lee’s comments came during the same week that Strategy, the largest corporate Bitcoin holder, said it may sell Bitcoin to cover dividend obligations. BitMine has said staking revenue and cash reserves reduce pressure to sell crypto holdings during volatile periods.

Lee repeated his view that Ethereum may benefit from tokenized financial assets and AI systems using public blockchains for payments and verification. BitMine has tied its Ethereum strategy to staking, decentralized finance infrastructure and tokenization.

The company’s next phase will depend on how quickly it approaches the 5% ETH supply mark, how it uses staking income and whether the share repurchase program becomes a larger part of capital allocation.

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