BitMine has slowed its Ethereum (CRYPTO: ETH) accumulation, cutting weekly ETH purchases by around 74% as it nears a key portfolio milestone. This marks a clear change from its earlier buying spree that rapidly built one of the largest corporate Ethereum treasuries.
The move comes as the firm edges closer to its target of holding about 5% of Ethereum’s circulating supply, with its position now valued at over $12 billion. The slowdown is prompting fresh debate on whether it signals caution, profit management, or a broader shift in institutional ETH demand.
BitMine Slows Ethereum Buying After 74% Reduction In Weekly Accumulation
BitMine Immersion Technologies significantly slowed its Ethereum accumulation last week, purchasing 26,659 ETH worth roughly $62-$63 million. The latest buy marks a sharp drop from the firm’s previous pace, where it had been consistently adding more than 100,000 ETH per week over multiple consecutive periods.
Despite the slowdown, BitMine still maintains one of the largest Ethereum treasury positions in the market, holding over 5.2 million ETH valued at approximately $12.1 billion. That position has pushed its share of Ethereum’s circulating supply above 4.3%, leaving the firm more than 86% of the way toward its stated “5% of supply” target.
Tom Lee Says Firm Nears 5% ETH Supply Target As Strategy Shifts
BMNR Chairman Tom Lee confirmed the deliberate reduction in buying pace, noting that the firm had originally aimed to reach its “Alchemy of 5%” goal by late 2026. He added that the previous accumulation rate would have seen that threshold hit as early as mid-July, but the firm is now opting for a more measured approach as it balances other strategic priorities in the crypto market.
The adjustment reflects a strategic shift rather than a change in conviction, as BitMine continues to position itself as the largest Ethereum treasury company while managing concentration risk and maintaining flexibility for other initiatives across the digital asset ecosystem.
BitMine’s Ethereum Treasury Position Tops $12B
BitMine’s Ethereum treasury has expanded to more than $12 billion, positioning it among the largest concentrated ETH holdings in the market. The firm now holds over 5.2 million ETH on its balance sheet, accounting for a notable share of Ethereum’s circulating supply and placing it among the most influential institutional participants in the ecosystem.
BitMine’s scale of accumulation highlights strong long-term conviction in Ethereum, though it also introduces concentration risks that investors are watching closely. Large, single-entity holdings can increase sensitivity around liquidity conditions and portfolio adjustments during periods of changing market sentiment.
At the same time, BitMine’s rapid rise to this level of exposure highlights the growing role of corporate treasuries in shaping Ethereum’s investor landscape. For many observers, the position reflects confidence in ETH’s long-term adoption and also serves as a reminder that heavy institutional holdings can influence broader market sentiment.
What BitMine’s Buying Slowdown Means For Ethereum’s Market Momentum
BitMine’s steady accumulation slowdown comes as the firm continues to anchor a large portion of its Ethereum holdings in staking activity. The company has already staked more than 4.7 million ETH, representing over 90% of its total balance, and generating substantial yield through Ethereum’s proof-of-stake (POS) system.
An estimated annualized return of roughly 2.86% generates approximately $319 million in annual staking rewards for BitMine, confirming its strategy of treating ETH not just as an asset but as a yield-bearing treasury reserve. The firm also continues to develop its MAVAN staking platform, which is expected to support both internal operations and institutional clients as adoption expands.
Chairman Tom Lee has previously framed Ethereum’s long-term value drivers around two major trends: Wall Street’s growing shift toward tokenization and the rise of AI-driven systems that depend on blockchain infrastructure for settlement and verification.
However, the company’s reduced Ethereum buying marks a clear transition from rapid accumulation to a more measured treasury strategy as it approaches its long-term supply target. Market attention has shifted toward the impact on near-term demand momentum, even as the firm continues to reinforce its position as one of the largest institutional holders of ETH.
Meanwhile, its expanding staking footprint and multi-billion-dollar treasury highlight a longer-term commitment to Ethereum’s ecosystem rather than a shift in conviction. For investors and traders, the key takeaway is that BitMine may be stepping back from aggressive buying, but it is not stepping away from Ethereum exposure.
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