Bitmine Slows Ethereum Buying After Building a $13 Billion Treasury

Bitmine Immersion Technologies is slowing the pace of its aggressive Ethereum accumulation strategy after cementing its status as the world’s largest publicly traded Ethereum treasury, signaling a shift from rapid expansion toward long-term balance sheet consolidation. Summary: Bitmine now holds more than 5.2 million ETH. Over 90% of holdings are staked through its validator network. ETH trades near $2,315 as momentum cools after recent gains. The company disclosed that it acquired 26,659 ETH over the past week, a notable slowdown compared with its previous pace of more than 100,000 ETH purchases weekly. Chairman Tom Lee described the moderation as intentional, saying Bitmine is approaching its long-term objective of controlling roughly 5% of Ethereum’s circulating supply – a strategy the company internally refers to as the ‘Alchemy of 5%.’ Ethereum Treasury Strategy Evolves Bitmine’s Ethereum holdings have now reached approximately 5.21 million ETH, representing more than 4.3% of the token’s circulating supply. The company’s crypto treasury, combined with cash and equity investments, is valued at roughly $13.4 billion, making it one of the most significant institutional balance sheets in the digital asset sector. The strategy mirrors the Bitcoin treasury model popularized by corporate buyers such as Strategy, but with an added emphasis on staking yield. Bitmine has staked roughly 4.71 million ETH – nearly 90% of its total holdings – through its proprietary MAVAN validator infrastructure, which the company projects could generate approximately $330 million in annualized revenue. Alongside Ethereum, Bitmine also maintains smaller positions in Bitcoin and strategic equity investments, including stakes tied to artificial intelligence exposure through Beast Industries and Eightco Holdings. The diversified structure reflects a broader push to position itself at the intersection of crypto infrastructure and AI-driven growth themes. The company’s average acquisition cost for its ETH position stands near $3,539 per token, well above current market prices. While that leaves Bitmine sitting on significant unrealized losses, executives continue framing the holdings as a long-term strategic reserve rather than a short-term trading position. Technical Momentum Begins to Cool Ethereum traded around $2,315 on May 11, consolidating after failing to sustain a breakout above the $2,360–$2,380 resistance zone earlier in the session. Intraday charts show momentum fading following a sharp rebound over the past several days, with sellers regaining control near local highs. Technical indicators suggest a cooling phase may be developing. The Relative Strength Index (RSI) has fallen toward the mid-40s, indicating weakening momentum after briefly approaching bullish territory during the recent rally. Meanwhile, the MACD histogram has turned negative again, signaling a slowdown in upside pressure and the potential for continued sideways trading in the near term. Despite the softer technical structure, Ethereum remains above key support levels established during last week’s rebound. Analysts are closely watching the $2,280–$2,300 area, which could act as an important short-term support zone if broader crypto market sentiment weakens further. Institutions Continue Betting on Ethereum Bitmine’s continued accumulation underscores growing institutional conviction around Ethereum’s long-term role in tokenization, staking infrastructure and decentralized finance. The company’s decision to slow purchases is being interpreted less as a bearish signal and more as evidence that it is nearing the scale required to transition from accumulation mode into yield optimization. Tom Lee recently argued at Consensus 2026 that the current market environment marks the beginning of a broader “crypto spring,” adding that a monthly close above $2,100 would represent an important technical milestone for Ethereum’s recovery cycle. The company’s recent uplisting to the NYSE has also helped boost visibility among institutional investors, contributing to a surge in trading activity that briefly pushed Bitmine into the ranks of the 150 most actively traded U.S. stocks. For now, Bitmine appears focused on consolidating its position as Ethereum’s dominant public treasury holder while leveraging staking income to offset market volatility. Even with ETH trading well below the company’s average purchase price, management continues to frame scale, yield generation and network participation as the core pillars of its long-term strategy. Disclaimer: The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.