After one of the most aggressive buying weeks of the year, Bitmine has pulled back, significantly.
Bitmine Immersion (BMNR), the largest publicly‑traded Ethereum treasury firm, bought 26,497 ether last week, sharply reducing the pace of accumulation after making its largest purchase of 2026 just a week earlier. The latest acquisition, worth roughly $53 million at current ETH prices, lifted Bitmine's holdings to nearly 5.42 million tokens, or approximately 4.49% of ether's circulating supply.
The deceleration is dramatic. The purchase was down more than 75% from the prior week's 120,000 ETH haul.
Why Bitmine Is Slowing Down
This isn't a surprise shift, it was telegraphed weeks ago. The slowdown comes after Tom Lee, chairman of Bitmine, said in May at Consensus 2026 that the company planned to moderate accumulation as it was rapidly approaching its long‑term goal of owning 5% of ETH's supply.
The logic makes sense. When you're 90% of the way to a stated target, you naturally start managing your pace more carefully. Buying another 120,000 ETH every week when you're already so close to the finish line would be difficult to justify strategically, or financially.
Still Buying While Others Aren't
What's notable here isn't just the slowdown, it's that Bitmine is still actively buying at all. Most major digital asset treasury firms have gone quiet.
Bitmine remains one of the few large digital asset treasury firms still actively adding to its crypto holdings. Even Michael Saylor's bitcoin juggernaut Strategy sold $2.5 million in bitcoin last week. Bitmine has acquired more than 1 million ETH since the start of the year and now sits about 90% of the way toward its stated goal of controlling 5% of the network's supply.
Strategy selling Bitcoin, even a small amount, is a headline in itself. Meanwhile Bitmine is still accumulating ETH. That contrast says a lot about where each firm's conviction currently sits.
Tom Lee Defends the Thesis
ETH has been struggling in May, falling below $2,000 at one point and facing sustained outflows from ETH ETFs. Lee acknowledged the price weakness directly, but framed it as irrelevant to the longer‑term view.
"ETH prices are not reflecting the strengthening of Ethereum fundamentals," Lee said in Monday's statement. "But then again, this is not surprising given we are in the early stages of crypto spring."
It's a confident call at a difficult moment for ETH sentiment. Lee is essentially saying the market is wrong about Ethereum's value, and Bitmine is betting accordingly.
The Staking Income Story Gets Stronger
Bitmine isn't just sitting on its ETH waiting for prices to rise. It's generating real income from it right now.
The firm has increasingly focused on generating income from its holdings through staking. The company estimates its staking operations generate roughly $258 million in annualised revenue, with projected rewards approaching $300 million annually through its MAVAN staking platform.
The Full Portfolio Picture
Bitmine's total crypto and cash holdings stood at $11.6 billion as of May 31. In addition to its ETH treasury, the company held 203 bitcoin, $446 million in cash, and stakes in Beast Industries and Eightco Holdings.
With 5.42 million ETH, nearly $300 million in projected annual staking income, and a chairman who remains publicly bullish despite market headwinds, Bitmine's bet on Ethereum is as clear as it's ever been. The buying pace may have slowed, but the conviction hasn't.
