BitMine Slows Ethereum Buys, Adds 26,659 ETH (~$62M)

BitMine Immersion Technologies added 26,659 ETH, about $62 million, last week while reducing its recent weekly purchase pace. The buy brings the company’s total holdings to more than 5.2 million ETH, valued at roughly $12.1 billion.

The publicly traded firm had been purchasing in excess of 100,000 ETH per week in prior periods but cut that pace after reassessing its accumulation plan. Chairman Tom Lee wrote in a statement that the company “has decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the ‘Alchemy of 5%’ target in late 2026.” He added that the earlier cadence “would have us reach 5% by mid-July.” At the Consensus conference, Lee told attendees the firm wanted to “accumulate at a somewhat slower pace, because there’s other things to be doing in crypto right now.”

After the latest purchase, BitMine holds about 4.3% of Ethereum’s circulating supply and is roughly 86% of the way to its stated 5% target, which equals just over 6 million ETH based on current circulating tokens.

Ether traded near $2,315, down about 0.6% in the past 24 hours. Lee wrote that he believes a “crypto spring” is beginning and highlighted a technical level to watch: “If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain-this has never been seen in a crypto bear market,” adding that such a close “would validate ‘crypto spring’ has arrived.” Based on Monday’s price, ETH would need to fall more than 9.6% to drop below $2,100.

Predictors on the Myriad prediction market lean bullish, favoring a rise to $3,000 before a potential slide to $1,500. BitMine’s shares, trading under the BMNR ticker, opened up about 0.5% at $22.29. The stock has risen roughly 4.75% over the past month and is down more than 43% over the last six months.

The company’s publicly stated strategy is to build an on-chain treasury of ETH until it owns 5% of the circulating supply. The firm reduced its weekly purchases following the review of that accumulation plan.