Bitmine trims Ether buying as 5% goal nears

Bitmine Immersion slowed its Ethereum accumulation strategy last week, purchasing 26,497 ETH worth approximately $53 million as it moves closer to its long-term ownership target.

The acquisition increased the company’s holdings to nearly 5.42 million ETH, equivalent to about 4.49% of Ethereum’s circulating supply, according to an update released on Monday.

The latest purchase represented a sharp slowdown from the previous week, when Bitmine acquired 120,000 ETH in its largest single purchase of 2026.

“ETH prices are not reflecting the strengthening of Ethereum fundamentals,”

Said Bitmine Chairman Tom Lee.

“But then again, this is not surprising given we are in the early stages of crypto spring.”

He added.

Lee previously indicated at Consensus 2026 that the company would reduce the pace of acquisitions as it approached its stated goal of owning 5% of Ethereum’s supply, a target it has now reached approximately 90%.

Despite the slower buying activity, Bitmine remains one of the few major digital asset treasury firms still expanding its cryptocurrency holdings, having acquired more than one million ETH since the beginning of the year.

The company reported total crypto and cash holdings of $11.6 billion as of May 31, including 203 Bitcoin, $446 million in cash and equity stakes in Beast Industries and Eightco Holdings, while its staking operations are generating an estimated $258 million in annualised revenue through its MAVAN platform.

At the time of reporting, Ethereum price was $1,964.74.