Bitmine may slow its ETH accumulation as the firm nears its target of holding 5% of Ethereum’s circulating supply.
Bitmine (BMNR), the largest Ethereum (ETH) treasury firm by holdings, may reduce the pace of its Ether purchases as it approaches its long-term accumulation target, Chairman Tom Lee said May 7 at Consensus 2026 in Miami. The company originally projected it would take five years to reach 5% of the total ETH supply.
Bitmine holds more than 5.1 million ETH valued at around $11.9 billion at current prices. As of the week of May 7, that position represented 4.29% of the circulating Ether supply. At the firm's recent buying rate of around 100,000 ETH per week, Lee said the 5% target could be reached in less than two months.
"At our current buying pace of 100,000 ETH a week, we're going to be there in like six weeks," Lee said during his keynote. "I think we're deciding perhaps we want to accumulate at a somewhat slower pace." The remark marks a shift from Bitmine's posture over recent months, during which the firm continued buying while most rival treasury companies paused accumulation during the broader market downturn.
Staking Revenue Reduces Pressure To Sell During Volatility
Bitmine generates revenue primarily through staking. Approximately 85% of its ETH holdings are currently staked, producing an annualized staking income of more than $300 million, or roughly $1 million per day. Lee said that income stream reduces the firm's need to sell assets during periods of market volatility.
The company is also weighing alternative uses for capital. Bitmine announced a $4 billion share repurchase program and continues to expand MAVAN, its institutional staking platform launched in March 2026. MAVAN currently manages approximately $14 billion in staked digital assets, including ETH, Solana (SOL), and Canton (CC), according to Lee.
Bitmine also holds positions in AI-adjacent companies, including Eightco Holdings (ORBS) and Beast Industries, the firm associated with content creator MrBeast. Lee described Eightco as one of a small number of publicly traded companies offering indirect exposure to OpenAI and Sam Altman's World project.
During his keynote, Lee outlined two structural trends he expects to benefit Ethereum. The first is the tokenization of real-world financial assets. The second is the growing use of public blockchains by AI systems for payment settlement and transaction verification. Lee's remarks came the same week that Strategy signaled it may sell BTC to cover dividend obligations tied to its STRC preferred stock.
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