When Bitmine Immersion Technologies launched its Ethereum accumulation strategy, the internal projection was that reaching 5% of the token's total circulating supply would take roughly five years. It has taken less than one.
The company now holds more than 5.2 million ETH, representing around 4.31% of circulating supply, after buying 26,659 tokens last week at a value of approximately $63 million. That figure sounds large in isolation. Placed against recent history, it signals a deliberate pullback. Bitmine had been acquiring more than 100,000 ETH per week in the months prior, making last week's purchase roughly a quarter of its recent average pace.
Why the Brakes Are On
The reason for the slowdown, according to chairman Tom Lee, is straightforward. At the previous buying rate, Bitmine would have reached its 5% target by mid‑July, well ahead of its original late‑2026 timeline. Rather than sprint to the finish line ahead of schedule, the company has chosen to pace itself.
"We have decided to slow down our pace of weekly accumulation from over 100,000 ETH per week," Lee said, adding that there are "other things to be doing in crypto right now."
A Business Built Around More Than Buying
Those other things are not vague. Bitmine has approximately 85% of its ETH holdings staked, generating annualized staking revenue of over $300 million, or roughly $1 million per day. That income stream means the company does not need to sell assets to fund operations during market downturns, a structural advantage that most corporate treasury firms lack.
Beyond staking, Bitmine has invested in Eightco Holdings and MrBeast's Beast Industries, with Lee describing Eightco as one of the few publicly traded ways to gain indirect exposure to OpenAI and Sam Altman's World project. The company also launched MAVAN, its Made in American Validator Network staking platform, which now manages approximately $14 billion in staked digital assets across Ethereum, Solana, and Canton.
Tom Lee Still Sees a Bull Market Coming
Through all of this, Lee's broader market view has not shifted. He remains vocal that a new cycle is beginning and has coined the phrase "crypto spring" to describe what he believes is an emerging recovery. He noted that if ETH closes above $2,100 at the end of May, it would mark three consecutive monthly gains, a pattern he said has never occurred during a crypto bear market.
The bet is clear. Bitmine is not retreating from Ethereum. It is simply settling in, broadening its footprint, and waiting for what Lee believes is an inevitable next leg higher.
