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BitMine Immersion Technologies, the largest publicly traded Ethereum treasury firm, may slow its pace of ETH accumulation as it nears its stated target of acquiring 5% of Ethereum’s total supply, Chairman Tom Lee said Thursday during a keynote at Consensus Miami 2026.
BitMine currently holds 5.18 million ETH, worth roughly $11.9 billion at current prices. That stake represents 4.29% of Ethereum’s circulating supply.
The company has been buying more than 100,000 ETH per week, or about $230 million worth. At that pace, Lee said BitMine would reach the 5% threshold in approximately six weeks.
Lee indicated the firm could adjust its buying cadence once it gets closer to the goal. “We thought it could take five years, but we’ve done it at a quick pace,” he said. “I do think we’re going to slow down our pace of buying. I’m not sure we want to get to 5% too quickly, because there’s other things to be doing in crypto right now.”
Lee pointed to several priorities that may take precedence after the 5% level is reached, including a recently announced $4 billion share repurchase authorization.
He also cited continued expansion of MAVAN, BitMine’s Made in America Validator Network, which currently stakes about $14 billion across ETH, Solana, and Canton. About 85% of BitMine’s ETH is staked, generating approximately $297 million in annualized staking revenue—close to $1 million per day.
Lee further referenced BitMine’s stakes in Beast Industries, associated with YouTuber MrBeast, and Eightco Holdings, a Worldcoin treasury firm.
The remarks mark a change in tone for BitMine. As reported by Unchained in August, the company filed to raise an additional $20 billion to fund its Ethereum accumulation.
BitMine has continued buying crypto more actively than many rivals during the market downturn, when several large digital asset treasuries paused accumulation. The shift also comes after Strategy announced last week that it may sell some bitcoin to cover dividend obligations.
Shares of BitMine’s ticker, BMNR, fell 4% on Thursday to about $22.01. The stock is roughly 86% below its 52-week high of $161.
Ethereum traded near $2,300, down about 2% on the day. Lee also forecast that BMNR could reach $5,000 if ETH eventually trades at $250,000.
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