Illustration of Tom Lee announcing potential slowdown in Ethereum purchases by Bitmine at a Miami conference.
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Bitmine may slow ethereum purchases as goal nears, tom lee says

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Bitmine Immersion Technologies is considering slowing its purchases of ether after rapidly accumulating a large stake in the cryptocurrency. Chairman Tom Lee made the remarks during a keynote at Consensus 2026 in Miami on Thursday. The firm has amassed over 5.1 million ETH valued at approximately $11.9 billion.

Lee said the company holds 4.29 percent of the total ETH supply, far ahead of its original five-year timeline. At its current pace of buying about 100,000 ETH per week, Bitmine could reach its 5 percent target within six weeks. He indicated the firm may then shift focus toward staking and share buybacks instead of continued aggressive accumulation.

What people are saying

Initial X reactions to Bitmine potentially slowing ETH buys near its accumulation goal, per Tom Lee at Consensus 2026, consist mainly of neutral news summaries with some analyst commentary on market flows, Ethereum fair value estimates, and possible shifts to stock buybacks.

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