Bitmine slows Ether buys, still targets 5% by 2026

Bitmine Immersion Technologies slowed its Ether purchases to 26,659 ETH last week, down from the more than 100,000 ETH per week it had been acquiring in prior weeks. The company maintains a target of holding 5% of Ether’s 120.7 million circulating supply by the end of 2026, a level equal to about 6.04 million ETH.

The firm announced the reduced buying pace on Monday as part of a revised accumulation plan following a three-week buying burst that added over 100,000 ETH. Tom Lee, Bitmine chairman, wrote that the company decided to slow weekly accumulation from more than 100,000 ETH and noted the earlier pace would have reached the 5% mark by mid‑July.

Bitmine has already staked more than 4.7 million ETH. If circulating supply holds steady, the company would need roughly 1.3 million additional ETH to reach a 5% holding. Bitmine projects annual staking rewards of about $352 million once its full holdings are staked.

Blockchain data show more than 38 million ETH are staked as of Sunday. Bitmine reported that its staking and treasury activity have removed about 4.3% of Ether supply since June 30, 2025, and Lee noted the company intends to both hold and stake its ETH holdings.

Ether reached an all‑time high of $4,946 in August 2025 and is roughly 52% below that peak. Over the past week prices traded between about $2,274 and $2,411. Lee described a so‑called “crypto spring” and argued that a monthly close above $2,100 at the end of May 2026 would mark three consecutive monthly gains, which, he added, has not occurred in a crypto bear market.

Bitmine said the adjustment spreads purchases over a longer period while keeping the company on a timetable to achieve a 5% stake by the end of 2026.