Bitmine Nears Massive Ethereum Goal, Signals It May Tap the Brakes on Buying

BitMine may slow its Ethereum (ETH) accumulation after building a treasury of more than 5.1 million ETH, putting Chairman Tom Lee’s 5% supply target within weeks of completion.

Lee said at Consensus 2026 in Miami that BitMine is approaching what it calls the “alchemy of 5%,” its goal of owning 5% of the total ETH supply. The company already controls roughly 4.3% of ETH, a position valued near US$11.9 billion (AU$16.54 billion) in supporting coverage.

The firm has recently been buying more than 100,000 ETH per week, worth about US$230 million (AU$319.7 million) at current prices.

Related: JPMorgan: Investors Are Choosing Bitcoin Over Gold in the Debasement Trade  

There In Six Weeks, Says BitMine Chair

As stated, Lee suggested BitMine could take its foot off the gas once holdings exceed 5.18 million ETH. 

At our current buying pace of 100,000 ETH a week, we’re going to be there  in like six weeks. I think we’re deciding perhaps we want to accumulate at a somewhat slower pace.

Tom Lee, Chairman of BItMine.

BitMine began its strategic pivot after Lee became chairman in June 2025 and a US$250 million (AU$347.5 million) private placement helped seed the treasury plan.

The thesis behind the strategy lies in BitMine’s approach to staking yield, real-world asset tokenisation, stablecoin growth and Ethereum’s role as institutional infrastructure.

Holding nearly 4.3% of ETH gives the company enormous exposure to Ethereum’s upside, but it also means shareholder returns depend heavily on treasury management, staking execution and Lee’s ability to turn the holding into productive yield.

Read more: Bitcoin-Backed ‘Digital Credit’ Market Eyes US$3 Trillion Opportunity