TLDR
- BitMine may slow its Ethereum purchases as it approaches its 5% supply target.
- Chairman Tom Lee said the company could reach the 5% goal within six weeks at its current pace.
- BitMine held 5.18 million ETH as of May 3, equal to 4.29% of total supply.
- The company bought 101,745 ETH in the previous week to advance its target.
- BitMine staked 4.36 million ETH, worth about $10.2 billion at recent prices.
BitMine Chairman Tom Lee said the company may reduce its Ethereum buying pace as it nears a 5% supply target. He made the remarks at Consensus 2026 in Miami on Thursday. He said the company could reach its goal within six weeks if it maintains its current purchase rate.
BitMine Reassesses ETH Buying Strategy
Lee said BitMine may slow purchases as it approaches its internal threshold. He stated, “I do think we’re going to slow down our pace of buying.” He added, “I’m not sure we want to get to 5% too quickly.”
He explained that the company continues to review its capital allocation plans. He said other priorities now compete for funding within the crypto sector. He pointed to the company’s recent New York Stock Exchange listing and a $4 billion share repurchase authorization.
BitMine reported that it held 5.18 million ETH as of May 3. The company said this amount equals 4.29% of Ethereum’s 120.7 million total supply. It added that it reached 86% of its “Alchemy of 5%” objective after buying 101,745 ETH last week.
Lee said the company could reach the 5% level within six weeks at the same pace. However, he stressed that management may adjust the accumulation rate. He said the firm wants to balance growth with other operational goals.
Ethereum Holdings and Staking Operations Expand
BitMine disclosed that it staked 4.36 million ETH as of May 3. The company valued those holdings at about $10.2 billion based on a $2,336 ETH price. Tom Lee said annualized staking revenue reached $297 million.
He said the firm’s own staking operations generated a 2.91% annualized seven-day yield. He highlighted staking as a core part of the treasury strategy. He said ETH remains the company’s primary reserve asset.
The company reported total crypto, cash, and moonshot holdings of $13.1 billion. These holdings include 200 BTC and $700 million in cash. It also holds equity stakes in Beast Industries and Eightco Holdings.
Lee reiterated his broader Ethereum outlook during the event. He said Wall Street tokenization supports Ethereum adoption. He also said agentic AI systems require public and neutral blockchains.
ETH traded near $2,300 at press time, down about 2% on the day. Meanwhile, BMNR traded near $21.97. The company’s market capitalization stood at about $11.8 billion at that time.