Ethereum’s Largest Buyer Bitmine to Slow ETH Purchases as It Nears Accumulation Goal
May 7, 2026 – Miami – Bitmine (BMNR), the largest corporate treasury holder of Ethereum (ETH), announced it may slow its pace of ETH acquisitions as it approaches its target of owning 5% of the total Ethereum supply. The revelation was made by Bitmine’s Chairman, Tom Lee, during his keynote at the Consensus 2026 conference in Miami.
At present, Bitmine holds more than 5.1 million ETH, valued at approximately $11.9 billion. The company had initially projected it would take five years to amass 5% of the total ETH supply. However, in less than a year since launching its acquisition strategy, Bitmine has already accumulated 4.29% of Ethereum’s circulating supply.
Speaking at the event, Lee noted, “At our current buying pace of 100,000 ETH a week, we’re going to be there [at 5%] in like six weeks. I think we’re deciding perhaps we want to accumulate at a somewhat slower pace.” This signals a shift from Bitmine’s previously aggressive buying approach.
The announcement comes at a time when many major digital asset holders have paused or reconsidered accumulation amid market volatility. Bitmine’s consistent buying has set it apart, but the firm is now evaluating other capital deployment options. Among these are a recently announced $4 billion share repurchase program and plans to expand MAVAN, Bitmine’s institutional staking platform launched in March. MAVAN currently manages around $14 billion in digital assets, including ETH, Solana (SOL), and Canton (CC).
Despite considering slowing ETH purchases, Bitmine remains in a strong financial position. Approximately 85% of its ETH holdings are staked, generating more than $300 million in annualized staking revenue—equating to roughly $1 million per day. This steady income stream provides significant cash flow and profitability, reducing the need to sell assets during uncertain market periods.
Tom Lee also highlighted Bitmine’s diversification efforts beyond Ethereum. The firm has invested in emerging sectors such as artificial intelligence and consumer platforms. Key investments include Eightco Holdings (ORBS), a publicly traded company offering indirect exposure to AI giant OpenAI and Sam Altman’s World project, as well as MrBeast’s Beast Industries.
Throughout his keynote, Lee emphasized his belief that Ethereum is well-positioned to leverage two key future trends: the tokenization of financial assets and the increasing reliance of AI systems on public blockchains for payments and verification.
This strategic recalibration by Bitmine comes amid broader shifts in the digital asset industry. Strategy (MSTR), the largest corporate Bitcoin holder, recently indicated it may sell some Bitcoin holdings to meet dividend obligations, reflecting a cautious stance among institutional investors.
Bitmine’s evolution underscores the changing dynamics in the crypto treasury landscape, where firms balance between accumulation, staking income, and shareholder returns.
Related Market Data (May 7, 2026):
- ETH Price: $2,004.37 (+0.77%)
- BTC Price: $73,613.18 (+0.24%)
About Bitmine:
Bitmine is a major institutional holder of digital assets, primarily Ethereum, and operates an extensive staking platform serving institutional clients. The firm focuses on long-term asset accumulation, staking revenue generation, and capital efficiency through share repurchases and strategic investments.
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