BitMine nears 5% ETH target as Tom Lee signals buying slowdown
Tom Lee has suggested that BitMine Immersion Technology may not need to keep buying Ethereum beyond its 5% supply target.
Summary
- Tom Lee said BitMine may not need to hold more than 5% of Ethereum supply.
- BitMine holds about 5.54m ETH, equal to nearly 4.6% of Ethereum’s circulating supply today.
- Fresh on-chain data showed BitMine bought another 25,000 ETH from BitGo as price rebounded.
The remark points to a possible slowdown after months of large ETH purchases.
The comment came as BitMine continued adding Ethereum during a weak market. On-chain data showed the company bought another 25,000 ETH from BitGo, worth about $41.09 million.
BitMine closes in on its 5% Ethereum goal
Bloomberg ETF analyst Eric Balchunas said Lee made the remarks during a DACFP financial planner event. Lee was discussing BitMine’s Ethereum strategy, known as “Alchemy of 5%.”
Lee said BitMine may not need to own more than 5% of Ethereum supply as supply conditions change. The company already holds about 5.54 million ETH, equal to roughly 4.6% of Ethereum’s circulating supply.
The target has guided BitMine’s aggressive buying plan this year. Last week, the company made its largest Ethereum purchase of 2026, buying 126,971 ETH worth about $214 million.
As previously reported by crypto.news, BitMine had also been linked to another 75,000 ETH purchase worth roughly $123 million. That report said the company’s holdings could move close to 5.62 million ETH if the transfers were confirmed.
Fresh ETH purchase follows slowdown signal
The possible pause signal did not stop fresh buying. Lookonchain data showed BitMine bought another 25,000 ETH from BitGo over the past several hours.
The same data showed BitMine had bought about 125,000 ETH worth $206 million over three days. That activity shows the company remains active even as Lee suggests the 5% target may be enough.
Lee has continued to present Ethereum as a long-term infrastructure asset. He argued that blockchain can reduce costs compared with the traditional financial system and support trusted settlement.
He also said agentic AI could raise demand for Ethereum. In his view, AI agents may use blockchain for faster transactions and reliable record-keeping.
ETH price rebounds as traders return
Ethereum rose about 3% in the past 24 hours and traded near $1,653. The 24-hour range stood between $1,603 and $1,665.
Derivatives data also showed a pickup in ETH futures activity. CoinGlass data showed total Ethereum futures open interest rose by almost 2% to $23.82 billion over four hours.
That shows traders are returning after heavy selling pressure. Still, trading volume remained cautious as markets watched US-Iran tensions and broader risk appetite.
Stock weakness keeps pressure on BitMine
BitMine’s stock has not matched the ETH rebound. BMNR closed 3.43% lower at $15.64 on Wednesday and slipped another 0.70% after hours.
The stock is down more than 7% over the past week and 32% over the past month. Its decline reflects pressure from Ethereum’s wider correction and concern over corporate treasury exposure.
As previously reported by crypto.news, Artemis estimated that BitMine had major unrealized losses on more than 5.4 million ETH earlier this month. The report said ether treasury firms came under pressure after ETH fell below $1,550.
Lee also said BitMine has a high chance of joining the Russell 1000 Index later in June. He argued that inclusion could support institutional flows and help steady BMNR shares.