Bitmine Immersion Technologies (BMNR), the crypto mining and investment firm chaired by analyst Tom Lee, has sharply reduced its weekly Ethereum purchases after an aggressive accumulation spree. The company disclosed it acquired approximately 26,659 ETH in the past week—worth about $63 million—down from an average of over 100,000 ETH per week in prior reports. This brings Bitmine's total ETH holdings to around 5.2 million tokens, representing roughly 4.31% of the total circulating supply.
According to Tom Lee, the slowdown is a tactical move as the firm approaches its stated goal of reaching 5% of the supply by late 2026. “If we continued buying at 100,000 ETH per week, we would hit 5% by mid-July,” Lee explained. Despite the deceleration, he remains extremely bullish, declaring that “crypto spring” has commenced. He emphasized that if ETH closes above $2,100 by the end of May 2026, it would mark the third consecutive monthly gain—a pattern never seen in a crypto bear market—validating the arrival of a new bull cycle.
Bitmine has accumulated over one million ETH since the start of 2026. The vast majority of its holdings—more than 4.7 million ETH—are staked, generating recurring yield. The firm also holds 201 BTC, stakes in Beast Industries and Eightco Holdings, and $775 million in cash, making it the second-largest corporate crypto holder after Strategy. The deceleration in buying is viewed by analysts as a disciplined portfolio management decision rather than a bearish signal, highlighting the maturation of institutional crypto strategies.
