Bitmine Slows Ether Purchases After Buying 1 Million Tokens in 2026

Bitmine, led by Chairman Tom Lee, has sharply scaled back its ether (ETH) acquisitions. Last week, the firm bought 26,659 ETH, valued at approximately $63 million. This marks a substantial decrease from its previous average weekly purchases of around 100,000 ETH.

The reduction in purchases occurs as Bitmine nears its long-term objective of holding 5% of Ethereum’s circulating supply, having accumulated over 1 million ETH since the start of 2026. With this latest acquisition, the firm now holds over 5.2 million ETH, equivalent to about 4.31% of the total circulating supply, according to an update released by the company.

Lee indicated during the Consensus 2026 event in Miami that the company plans to moderate its buying pace. "We have decided to slow down our pace of weekly accumulation from over 100,000 [ETH] per week," Lee stated, noting that continuing at the previous buy rate would have allowed Bitmine to reach its 5% target by mid-July.

Despite the slowdown, Bitmine remains noteworthy as one of the few significant digital asset treasury firms actively acquiring crypto during the ongoing market downturn. The company, which has total crypto and cash assets amounting to $13.4 billion, also holds 201 bitcoin and approximately $775 million in cash and equity investments. Moreover, Bitmine has ramped up its staking operations, with over 4.7 million ETH staked, representing about $11.1 billion in assets that are generating staking rewards.

In addition to its staking initiatives, Bitmine launched the MAVAN staking platform aimed at institutional clients as well as for its own treasury operations. Lee expressed his optimism for the market, suggesting that the recent recovery in ether and related growth stocks points to the beginning of a “crypto spring.” He noted that if ETH closes above $2,100 at the end of May, it would mark the third consecutive monthly gain, an occurrence that has not been observed in a crypto bear market.