Tom Lee, Chairman of Bitmine and co-founder of research firm Fundstrat, said Thursday that the world’s largest Ethereum treasury firm may ease its furious pace of ETH accumulation in the coming weeks — a signal that could have significant implications for Ethereum’s price if the exchange’s single biggest buyer steps back from the market.
Speaking at Consensus 2026 in Miami, Lee said Bitmine currently holds approximately 5.18 million ether worth around $12 billion, representing roughly 4.3% of the total circulating supply. The firm originally projected it would take five years to reach its 5% accumulation target. Instead, it is set to arrive there within weeks.
The Numbers Behind the Strategy
“At our current buying pace of 100,000 ETH a week, we’re going to be there in like six weeks,” Lee told the Consensus audience on Thursday. “I think we’re deciding perhaps we want to accumulate at a somewhat slower pace.”
The statement marks a notable shift in tone for Bitmine, which has consistently positioned itself as an aggressive long-term accumulator even as broader markets faltered. The firm crossed the 1% ETH ownership threshold in August 2025 and has accelerated its purchases through the first half of 2026, including a $238 million buy last week alone.
Bitmine’s most recent acquisition brought its holdings to 5.18 million ETH, up from 5.07 million ETH just days prior. The firm has been buying both on the open market and in over-the-counter deals — including a 10,000 ETH purchase directly from the Ethereum Foundation earlier this month as part of that organisation’s own treasury management strategy.
Staking Offsets Selling Pressure
Lee was careful to frame the potential slowdown not as a loss of conviction in Ethereum, but as a natural transition to the next phase of the company’s strategy. Approximately 85% of Bitmine’s ETH holdings are currently staked, generating annualized staking income of more than $300 million — roughly $1 million per day.
“We’re very profitable through staking alone,” Lee said. “There’s not a lot of pressure to sell anything.”
With that income floor in place, Bitmine has been evaluating capital allocation beyond accumulation. The firm recently announced a $4 billion share repurchase program and is expanding MAVAN, its institutional staking platform, as alternative avenues for deploying the returns generated by its ETH position.
The staking revenue also differentiates Bitmine structurally from Strategy (formerly MicroStrategy), the largest corporate bitcoin holder. Unlike BTC, which generates no native yield, Bitmine’s ETH holdings produce ongoing cash flow — a feature Lee has consistently highlighted as central to the firm’s long-term thesis.
ETH Market Implications
The prospect of Bitmine slowing its purchases carries real weight for Ethereum’s price. The firm has been one of the few large, consistent buyers in a market that has struggled to sustain upward momentum since mid-2025. With Bitmine acquiring approximately 100,000 ETH per week at current pace, its eventual deceleration removes a significant demand driver from the market.
Ethereum was trading at around $2,270 on May 8, down from highs above $2,400 earlier in the week. The price has been under pressure as short-term holders take profits and broader crypto markets face headwinds from profit-taking on the bitcoin rally.
Some analysts argue that Bitmine’s near-completion of its accumulation phase could itself be a bullish signal, as it suggests the firm believes it has captured the bulk of the supply it wanted at current price levels. Others worry that the transition from buying to holding — even with staking income — removes an important support mechanism.
What Comes After 5%?
Lee indicated that once Bitmine reaches its 5% target, the focus will shift to three priorities: maximizing staking yield through MAVAN, executing the share buyback program, and potentially exploring new use cases for its accumulated ETH beyond passive holding.
He also hinted at an interest in Ethereum’s upcoming Verkle Trees upgrade, planned for the latter half of 2026, which is designed to radically reduce the data burden on validators and open the door to stateless clients. Lee described the upgrade as a potential “performance catalyst” that could renew institutional interest in ETH as a productive asset.
Bitmine’s Ethereum strategy remains the boldest corporate bet on the second-largest cryptocurrency ever undertaken, and its next phase — moving from aggressive accumulation to yield optimisation — will be closely watched by institutional investors considering similar treasury strategies.
FAQ
How much Ethereum does Bitmine own?
As of early May 2026, Bitmine holds approximately 5.18 million ETH, representing around 4.3% of the total circulating supply. At current prices of approximately $2,270 per ETH, the holding is worth roughly $11.7–$12 billion.
Why might Bitmine slow down its ETH purchases?
Tom Lee said Bitmine is approaching its original 5% supply accumulation target much faster than expected — in months rather than years. With the target in sight and alternative capital uses (staking, buybacks, MAVAN expansion) generating strong returns, further aggressive buying is no longer the priority it once was.
Does Bitmine selling or slowing purchases affect Ethereum’s price?
Slowing purchases removes a significant demand floor. Bitmine has been buying roughly 100,000 ETH per week, making it one of the largest consistent buyers in the market. A deceleration in that pace could reduce buying pressure, though the firm has indicated it has no plans to sell its existing holdings.
Sources: CoinDesk, CryptoTimes, Phemex, Consensus Miami 2026
