Bitmine ether purchase slowdown as weekly buys drop 78% near 5% target

Bitmine ether purchase slowdown is taking shape as corporate treasury giant Bitmine Immersion (BMNR) eases off its fastest buying pace yet. Even so, the company still added 26,497 ETH last week, a purchase worth about $53 million at current prices, underscoring how large its Ethereum strategy has become.

The latest figure marks a steep drop from the previous week, when Bitmine bought 120,000 ETH. In other words, the company is still accumulating aggressively, but it is no longer moving at the same sprint.

Thomas Lee, Bitmine’s chairman, said at the Consensus 2026 conference that the firm is deliberately moderating its accumulation as it moves closer to its long-term target of owning 5% of Ethereum’s circulating supply. That goal now appears to be steering the company’s pace as much as market conditions do.

Why the Bitmine ether purchase slowdown matters

Bitmine Immersion (BMNR) is the largest publicly-traded Ethereum treasury firm, and its buying patterns draw attention because they can signal how far corporate crypto treasuries are willing to go. For now, the Bitmine ether purchase slowdown looks less like a retreat and more like a tactical pause near a major ownership threshold.

The company has acquired more than 1 million ETH since the start of 2026. As a result, its year-to-date pace remains historic even after the recent cooldown.

Bitmine’s ETH holdings are nearing a major threshold

Bitmine now holds 5.42 million ETH, which equals approximately 4.49% of Ethereum’s circulating supply. That puts the firm about 90% of the way toward its 5% target.

At Consensus 2026, Lee said the company planned to moderate accumulation as it approaches that level. He also argued that Ethereum’s market price has not fully reflected network strength.

“ETH prices are not reflecting the strengthening of Ethereum fundamentals,” Lee said in a statement. “But then again, this is not surprising given we are in the early stages of crypto spring.”

What Thomas Lee said about Ethereum and “crypto spring”

Lee’s comments point to a view that Ethereum usage and fees remain strong, even if the token price has not kept pace. For Bitmine, that makes the current phase less about chasing every available coin and more about preserving position while staying active in the network.

Bitmine staking revenue and balance-sheet snapshot

As of May 31, Bitmine’s total crypto and cash holdings stood at $11.6 billion. Ethereum remains the centerpiece of that balance sheet, but the company also reported 203 bitcoin, $446 million in cash, and strategic equity stakes in Beast Industries and Eightco Holdings.

• 203 bitcoin
• $446 million in cash
• Strategic equity stakes in Beast Industries and Eightco Holdings

Bitmine is also leaning into staking rather than simply holding assets. The company estimates its staking operations generate roughly $258 million in annualized revenue, and it says projected rewards could approach $300 million annually through its MAVAN staking platform.

That shift matters because it turns a treasury strategy into an operating model. Instead of relying only on spot price gains, Bitmine is trying to earn recurring yield from its Bitmine Immersion ETH holdings while helping secure the network.

As Bitmine edges closer to its ownership cap, investors and crypto watchers will be watching whether the company keeps slowing its purchases or whether a new round of accumulation begins once the target comes fully into view.