BitMine May Slow ETH Buying After $12B Accumulation

BitMine Immersion Technologies said it may reduce the pace of its weekly Ethereum purchases after collecting about 5.18 million ETH, valued at roughly $11.9 billion, as it nears a stated goal of acquiring 5% of the circulating supply. Chairman Tom Lee discussed the plan at the Consensus conference in Miami.

Lee said the firm reached the bulk of its accumulation faster than expected and is weighing a slower buying cadence. BitMine has recently purchased more than 100,000 ETH per week, with the latest three weekly buys recorded at 101,745 ETH, 101,901 ETH and 101,627 ETH. At recent prices, each weekly lot was worth about $230 million to $240 million.

At that pace, Lee estimated, BitMine would reach the 5% threshold in roughly six weeks. He noted the firm initially expected the process could take years and added that managers are considering a slower pace because the company has other projects to pursue.

BitMine began its large-scale ETH purchases less than a year ago and has labeled the effort “the alchemy of 5%.” The firm’s current holdings stand at about 5.18 million ETH.

Beyond direct buys, BitMine has expanded into staking and venture investments. The company launched the Made in America Validator Network, an Ethereum staking operation, and has invested in consumer and blockchain-related ventures, including Beast Industries and Eightco, which is linked to a Worldcoin treasury and artificial intelligence work.

Public market investors reacted to the disclosure on Thursday. Shares of BitMine’s publicly traded vehicle, BMNR, fell nearly 4% to about $22.01 at the close. The stock is up roughly 9% over the past month but remains far below its 52-week high of $161.

Ethereum’s market price has fluctuated as large-scale buying continued. ETH traded around $2,300 on Thursday, down about 2.4% for the day and about 53.5% below its all-time high of $4,946.

BitMine’s potential adjustment to its buying pace reflects the company balancing direct treasury accumulation with staking operations and venture investments as it approaches its stated 5% supply target.