Tom Lee: BitMine may slow ETH buys near 5% target

Published: 2026-05-07 21:00:41 |

Ethereum treasury firm BitMine Immersion Technologies, chaired by Tom Lee, says it may slow Ethereum (ETH) buys as it approaches its stated goal of holding 5% of total ETH supply. BitMine has already accumulated over 4% of circulating ETH in under a year, with ETH buying running at more than 100,000 ETH per week (about $230M weekly). Lee said the firm could start easing the pace after reaching 5.18M ETH (around $11.9B). Lee added that BitMine may not want to hit the 5% level “too quickly,” pointing to “other things to be doing in crypto right now,” without specifics. The latest update emphasizes BitMine’s shift toward diversification, including the Made in America Validator Network (MAVAN) to expand ETH staking, plus investments tied to Beast Industries (MrBeast) and Eightco (linked to Worldcoin’s treasury/AI initiatives). Trading implication for ETH: the firm’s ETH buying has been a steady spot-demand source. If ETH buying slows, incremental spot pressure could ease, but the tone suggests a pace adjustment rather than a stop to accumulation—supporting a likely neutral near-term impact. BitMine shares (BMNR) fell about 4% on Thursday, while ETH was down roughly 2.4% that day.

Neutral

This news is likely neutral for ETH because BitMine’s ETH buying could slow once it nears the 5% supply goal, which may reduce incremental spot demand. However, both articles frame the change as a pace adjustment—BitMine is still positioned to keep accumulating and is simultaneously expanding ETH staking via MAVAN and other treasury allocations. The stock reaction (BMNR down ~4%) looks more like a sentiment read-through than a clear shift to permanent ETH selling. So traders may watch for smaller daily/weekly buy prints from BitMine, but the message does not imply a cessation of accumulation, limiting downside risk in the near term.