BitMine Slows Ethereum Buying Spree After Crossing 5.2 Million ETH

BitMine Immersion Technologies has reduced the pace of its Ethereum purchases after several weeks of heavy accumulation that helped the firm amass one of the largest corporate ETH holdings in the market.

The publicly traded company disclosed that it added 26,659 ETH over the past week, a purchase valued at roughly $62 million based on current market prices. The latest acquisition brings BitMine’s total holdings above 5.2 million ETH, worth approximately $12.1 billion.

The slowdown follows a stretch of rapid buying activity in which the company accumulated more than 100,000 ETH during each of the previous three reporting periods. According to Chairman Tom Lee, the company is now adjusting its strategy after moving ahead of schedule toward its long-term accumulation goal.

Lee said the original plan aimed for BitMine to control roughly 5% of Ethereum’s circulating supply by late 2026. However, the earlier pace of purchases would have allowed the firm to hit that milestone much sooner, potentially by mid-July.

The company’s more measured approach had already been hinted at during the recent Consensus conference, where Lee suggested the firm may shift focus toward other opportunities emerging across the crypto sector instead of continuing such aggressive ETH buying.

Even with the reduced pace, BitMine now controls more than 4.3% of Ethereum’s circulating supply and is estimated to be over 86% of the way toward its 5% ownership target, which would require holdings exceeding 6 million ETH.

Meanwhile, Ethereum remained relatively stable in recent trading, slipping slightly to around $2,315. Lee maintained a bullish outlook on the asset, arguing that Ethereum could be entering a new upward market cycle.

He noted that if ETH closes May 2026 above the $2,100 mark, it would represent a third straight month of gains — a trend he believes has not historically occurred during bearish crypto conditions. Such a move, according to Lee, would strengthen the case for what he described as a developing “crypto spring.”

Shares of BMNR edged higher during Monday trading, climbing modestly to around $22.29. While the stock has posted gains over the past month, it remains significantly below levels seen six months ago.