Bitmine Immersion Technologies (BMNR) has sharply slowed its pace of ether (ETH) purchases, as its president Tom Lee reported, after months of aggressive buying that made it the largest Ethereum treasury company in the world.
The company purchased 26,659 ether last week, worth approximately $63 million, based on the current price of ether. This represents about a quarter of the average weekly transport purchased in recent weeks.
The purchase brought Bitmine’s holdings to more than 5.2 million ETH, or approximately 4.31% of the circulating ether supply, according to a company update on Monday.
The update follows comments Lee made last week at Consensus 2026 in Miami, where he said BitMine could begin to moderate its buying pace after one of the fastest accumulations in the crypto market.
The slowdown follows Tom Lee’s comments last week at Consensus 2026 in Miami, where he said Bitmine was considering easing its purchases as it approaches its long-term goal of acquiring 5% of Ethereum’s supply.
“We have decided to slow down our weekly accumulation rate of over 100,000 [ETH] per week,” Lee said in Monday’s statement. “Our previous purchasing pace would allow us to reach 5% by mid-July.”
Bitmine remains one of the few major digital asset treasury companies to regularly purchase cryptocurrencies during the recent market downturn. Since the start of 2026, the company has acquired more than 1 million ETH, according to Lee.
The company’s total crypto and cash holdings stood at $13.4 billion. In addition to ETH, BitMine holds 201 bitcoins, $775 million in cash and stocks, including investments in Beast Industries and Eightco Holdings.
Lee reiterated his view that the “cryptocurrency spring” has begun, pointing to ether’s recent rally and improving confidence in software and growth stocks.
“If ETH closes above $2,100 at the end of May, it would be the third monthly gain in a row – this has never been seen in a cryptocurrency bear market,” Lee said.
BitMine has also expanded its staking operations. The company now has over 4.7 million ETH staked – over 90% of its holdings – representing approximately $11.1 billion in staking reward-generating assets. Its MAVAN staking platform, launched earlier this year, is aimed at institutional clients as well as Bitmine’s own treasury operations.
