Thomas “Tom” Lee, chairman of BitMine Immersion Technologies, says the crypto-treasury outfit could dial back its weekly ether buying as it approaches its aim of holding 5% of the token’s total supply. Ether (ETH) operates on the Ethereum network. Decrypt
BitMine is suddenly one of the purest U.S.-listed Ethereum plays out there. The company reported on May 4 that it’s sitting on 5,180,131 ETH—that’s 4.29% of the entire supply—along with 200 bitcoin, $700 million in cash, and positions in Beast Industries and Eightco. All told, BitMine’s crypto, cash, and other assets add up to $13.1 billion.
If the buying pace cools, BMNR investors might be looking at more than just a surging ETH stash—they’re also getting a company juggling yield strategies, buybacks, and market swings. BitMine last changed hands at $22.17 on Friday, putting its market cap close to $10.1 billion. As for ETH, it hovered around $2,347 as of Sunday.
Speaking at Miami’s Consensus crypto conference, Lee said BitMine’s been snapping up over 100,000 ETH weekly—roughly $230 million at recent valuations. If it keeps up, the company could hit its 5% target in about six weeks. Still, Lee added, “we may slow down our pace of buying” since there are “other things to be doing in crypto right now.” Decrypt
Lee hasn’t backed off his bullish stance on Ethereum. As BeInCrypto noted Sunday, he still sees ETH finishing 2026 anywhere in the $9,000 to $12,000 range. The outlet also flagged a recent uptick in exchange inflows, suggesting some big holders might be losing confidence in the near term. Such inflows often indicate that investors could be looking to trade or sell.
BitMine has looked for ways to generate income from its ETH holdings too. According to the company, it has staked 4,362,757 ETH via its MAVAN validator network. Those tokens are locked up and support Ethereum transaction processing, earning $297 million in annualized staking revenue based on a 2.91% seven-day annualized yield.
Capital allocation is playing a larger role these days. Back in April, BitMine’s board bumped up its share buyback authorization to $4 billion, opening another option for capital deployment if management thinks the market is undervaluing the stock compared to its assets.
BitMine keeps its lead. According to CoinGecko, BitMine holds 5.18 million ETH, making it the top public-company Ethereum treasury. SharpLink is next with 868,699 ETH, and The Ether Machine lags further behind at 496,712 ETH.
Technical analyst Ananda Banerjee at BeInCrypto flagged Friday that BMNR was facing heat after Lee’s slowdown signal, hovering close to $22 following a 4% slide on May 7. Banerjee pointed out that if shares push above about $24, the bearish pattern could unravel. But a close under $19.84 would lock in a more pronounced downside.
Still, the model isn’t without its hazards. BitMine’s own forward-looking statement flags a string of risks: crypto-price swings, the state of the market, regulation, geopolitics, funding requirements, and the future prices of both bitcoin and Ethereum. All those factors could sway outcomes, including its treasury strategy and buyback plans.
Right now, BitMine’s story has taken a turn. BMNR has nearly hit the mark that once set it apart. The bigger question: Will investors stick around when the rapid buying cools off?
