Tom Lee, chairman of Bitmine Immersion Technology (NYSE: $BMNR), says the crypto treasury company is likely to slow its Ethereum (CRYPTO: $ETH) purchases moving forward.

Speaking a conference, Lee noted that Bitmine is approaching its stated goal to own 5% of Ethereum’s circulating supply, and, as such, is likely to slow its purchases of the digital asset.

Bitmine has executed an aggressive Ethereum buying strategy this year that the company calls “Alchemy of 5%.”

More From Cryptoprowl:

• Ripple, The Company Behind XRP, Is Valued At $50 Billion

• Eightco Secures $125 Million Investment From Bitmine And ARK Invest, Shares Surge

• Blockchain Projects Decline 75% As Developers Shift To A.I.

• Stanley Druckenmiller Says Stablecoins Could Reshape Global Finance

• New York Stock Exchange Invests $600 Million In Polymarket

Lee reportedly said that there is likely no need for Bitmine to own more than its 5% target. Bitmine currently holds 5.54 million ETH, equal to 4.6% of Ethereum’s circulating supply.

Lee’s comments come after Bitmine made its largest Ethereum purchase of the year last week, acquiring 126,971 ETH worth $214 million U.S.

Despite nearing Bitmine’s target, Lee remains bullish on Ethereum’s long-term value, saying the network has never had a fraudulent transaction.

At the conference, Lee also said that rising agentic artificial intelligence (A.I.) could increase demand for Ethereum in the future. 

A.I. agents will use blockchains for transaction speed and reliable record-keeping, and that could become a new growth engine for Ethereum, said Lee.

Lastly, Lee said there is a high probability that Bitmine will join the Russell 1000 Index later in June, which would help the company’s sagging stock. 

Ethereum is currently trading at $1.685 U.S., having gained 3% in the last 24 hours. 

BMNR stock has declined 47% this year to trade at $16.42 U.S. per share.