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BitMine Immersion Technologies’ chairman, Tom Lee, said the company is nearing its target of owning 5% of Ethereum’s total supply and is therefore likely to slow its pace of ETH purchases. Speaking at the Consensus crypto conference in Miami, Lee acknowledged the milestone had been reached faster than expected, and said the firm is also pursuing other crypto opportunities.
Lee said BitMine could reduce its ETH buying activity because the company is “almost at its goal” of owning 5% of ETH’s total supply. The accumulation effort has been internally nicknamed “the alchemy of 5%.”
BitMine has accumulated more than 4% of the total ETH supply in under 12 months, based on the period since it began adding the second-largest cryptocurrency to its holdings. Lee said the firm initially expected it would take five years to reach the 5% level.
BitMine purchases more than 100,000 ETH weekly, which Lee said is approximately $230 million. He indicated the firm might stop buying once holdings exceed 5.18 million ETH.
Lee said the company expects to “reduce our buying speed” and suggested it may not want to reach 5% “too quickly.” He added that if BitMine continues buying 100,000 ETH each week, it would reach the target in about six weeks.
Lee said the firm is still buying ETH despite slowing the overall accumulation plan. On April 27, BitMine made its largest weekly purchase of the year, holding over 5 million ETH at the time.
Lee described the accumulation rate as notable, saying it took about ten months to reach 5 million ETH.
Beyond spot ETH accumulation, BitMine has introduced the Made in America Validator Network (MAVAN) for Ethereum staking. The company has also made investments in MrBeast’s Beast Industries and Eightco.
Lee said the firm views its risk versus reward as favorable because it has “many investments out there,” adding that it is involved in Ethereum, staking, “several high-risk opportunities,” and also the stock.
BitMine’s stock performance has remained volatile. On Thursday, May 7, the shares fell 4% to close at $22.01. The stock rose 9% last month, but remains 86% below its $161 peak.
Lee also predicted the company’s stock valuation could reach $5,000 if Ethereum climbs to $250,000.
In its quarterly 10-Q filing, BitMine reported a $3.8 billion net loss. The filing also showed an increase in common stock from 232 million shares to 494 million shares between August 31 and February 28.
At the same time, additional paid-in capital rose from $8.36 billion to $18.55 billion, with the funds invested directly into Ethereum.
On April 12, BitMine acquired 4.87 million ether at an average price of $2,206 per token. The company said this made it the world’s largest corporate holder of ETH and the second-largest corporate cryptocurrency treasury after Strategy.
Ether later traded at approximately $2,325, about 5% above BitMine’s average entry price of $2,206. The quarter’s income statement reflected $3.78 billion in unrealized losses, attributed to fair-value rules that mark holdings to current market prices.
Analysts cited in the article argued that while the recent quarterly decline in ETH creates a paper loss, the ETH position remains profitable relative to its cost basis.
As of May 8, ETH was trading at $2,287.90, down 2.25% over the past 24 hours, according to CoinMarketCap.
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