Ethereum's Biggest Buyer Signals a Slower Pace as Bitmine Nears 5% Supply Goal

Bitmine (BitMNR) is preparing to ease off its aggressive Ethereum buying spree as it closes in on a target of owning 5% of Ethereum's native supply, chairman Tom Lee (Fundstrat) said at Consensus 2026 in Miami. The company currently holds about 5.1 million ETH, valued at roughly $11.9 billion, representing around 4.29% of total supply. Bitmine has been purchasing about 100,000 ETH per week in recent months, a pace that would bring it to the 5% threshold in about six weeks. Lee noted that the original roadmap envisioned reaching the target over five years. Lee said the strategy remains profitable due to staking. About 85% of Bitmine's ETH is staked, producing more than $300 million in annualized revenue, or roughly $1 million per day. Once the 5% milestone is reached, Bitmine plans to shift focus toward expanding staking operations, executing share buybacks under an already authorized $4 billion program, and scaling MAVAN, its institutional staking platform that currently supports around $14 billion in assets.