Bitmine Nears Ethereum Accumulation Goal as Tom Lee Signals Slower ETH Buying Pace

Bitmine (BMNR), the world’s largest Ethereum treasury company, may reduce the speed of its Ethereum (ETH) accumulation as it approaches its long-term target, Chairman Tom Lee revealed during Consensus 2026 in Miami. The crypto treasury firm currently holds more than 5.1 million ETH, valued at approximately $11.9 billion, making it one of the biggest institutional Ethereum holders in the market.

Lee explained that Bitmine initially expected it would take nearly five years to accumulate 5% of Ethereum’s total circulating supply. However, the company has already reached 4.29% ownership in less than a year after launching its aggressive ETH acquisition strategy. At its current pace of purchasing roughly 100,000 ETH per week, Bitmine could hit the 5% milestone within six weeks.

Because of this rapid progress, the company is now considering slowing its Ethereum purchases. Despite the adjustment, Bitmine remains one of the few major crypto treasury firms actively accumulating digital assets during recent market volatility. In contrast, some competitors, including Strategy (MSTR), have reportedly paused or reconsidered crypto buying activity.

Bitmine’s financial position remains strong due to substantial staking income generated from its Ethereum holdings. According to Lee, around 85% of the company’s ETH is currently staked, producing more than $300 million in annualized revenue, equivalent to nearly $1 million daily.

The company is also expanding beyond Ethereum accumulation. Bitmine recently launched a $4 billion share repurchase program and continues to grow MAVAN, its institutional staking platform that currently manages around $14 billion in assets, including Ethereum, Solana (SOL), and Canton (CC).

Lee also emphasized Ethereum’s long-term growth potential, citing the rise of tokenized financial assets and AI systems that may increasingly rely on blockchain networks for payments, verification, and decentralized infrastructure.