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Bitmine (BMNR), described by its chairman as the world’s largest Ethereum treasury company, may slow the pace of its Ethereum (ETH) accumulation as it nears a long-term target, Chairman Tom Lee said during Consensus 2026 in Miami. The firm currently holds more than 5.1 million ETH, valued at approximately $11.9 billion, positioning it among the largest institutional Ethereum holders.
Lee said Bitmine initially expected it would take nearly five years to accumulate 5% of Ethereum’s total circulating supply. The company has already reached 4.29% ownership in less than a year since launching its aggressive ETH acquisition strategy.
At its current pace of purchasing roughly 100,000 ETH per week, Bitmine could reach the 5% milestone within six weeks, according to Lee. Because of this rapid progress, the company is considering reducing the speed of its Ethereum purchases.
Lee said Bitmine’s financial position remains strong, supported by staking income generated from its Ethereum holdings. He reported that around 85% of the company’s ETH is currently staked, producing more than $300 million in annualized revenue—equivalent to nearly $1 million per day.
Beyond Ethereum accumulation, Bitmine has launched a $4 billion share repurchase program. The company is also expanding MAVAN, its institutional staking platform, which currently manages around $14 billion in assets, including Ethereum, Solana (SOL), and Canton (CC).
Lee noted that Bitmine remains one of the few major crypto treasury firms actively accumulating digital assets amid recent market volatility. He contrasted this with competitors, including Strategy (MSTR), which have reportedly paused or reconsidered crypto buying activity.
Lee also emphasized Ethereum’s long-term growth potential, pointing to the rise of tokenized financial assets and AI systems that may increasingly rely on blockchain networks for payments, verification, and decentralized infrastructure.
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