Bitmine Slows ETH Buying After Massive 100,000 Ether Accumulation Spree

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• Bitmine reduced weekly ETH purchases after previously buying over 100,000 Ether weekly.
  
• The company plans to stake its entire Ethereum treasury for long-term yield generation.
  
• Tom Lee believes Ethereum may be entering a new “crypto spring” phase.

Ether treasury firm Bitmine Immersion Technologies has reduced the speed of its Ether accumulation after aggressively buying more than 100,000 ETH weekly in recent weeks.

The company announced it purchased 26,659 ETH over the past week, a noticeable slowdown compared to its earlier pace. Despite the reduced buying activity, Bitmine says it remains committed to its long-term goal of acquiring 5% of Ethereum’s circulating supply by the end of 2026.

Chairman Tom Lee said the company intentionally adjusted its strategy after realizing its previous buying rate would allow it to hit the target much earlier than expected.

According to Lee, continuing to buy more than 100,000 ETH every week would have pushed Bitmine toward the 5% ownership mark as early as mid-2026. The company now appears focused on a more measured accumulation plan while still maintaining its bullish stance on Ethereum.

Bitmine Doubles Down on Ethereum Staking

Bitmine has also become one of the largest Ethereum staking participants among public treasury firms. The company says it currently has more than 4.7 million ETH staked and plans to eventually stake its entire holdings.

The strategy mirrors the Bitcoin treasury model popularized by Michael Saylor and Strategy, but applied to Ethereum’s proof-of-stake ecosystem.

Lee estimates Bitmine’s annual staking rewards could reach roughly $352 million once all ETH holdings are fully deployed into staking infrastructure.

The company argues that removing such a large amount of Ether from liquid circulation could tighten supply dynamics over time. Lee said Bitmine’s holdings have already contributed to reducing available ETH supply since mid-2025, reinforcing the narrative that Ethereum has entered a more disinflationary phase.

Ethereum Price Struggles Despite Bullish Outlook

While Bitmine remains optimistic, Ethereum’s market performance has stayed relatively muted compared to its previous cycle highs.

Ethereum reached an all-time high near $4,946 in August 2025 before retreating alongside the broader crypto market. The asset is still trading more than 50% below its peak and has recently moved within a narrow range between roughly $2,274 and $2,411.

Even so, Lee believes the broader crypto market may be entering a new expansion phase. He described current conditions as the beginning of a “crypto spring,” pointing to Ethereum’s improving correlation with software stocks and its recent monthly price stability.

According to Lee, if ETH closes above $2,100 by the end of May 2026, it could signal a stronger bullish trend that historically has not appeared during bear markets.

Also Read: Bitmine Buys Another 26,659 ETH as Tom Lee Predicts ‘Crypto Spring’ Rally

Bitmine’s Long-Term Bet on ETH Supply Shock

Bitmine’s strategy reflects growing institutional confidence in Ethereum as both a treasury asset and a yield-generating network. By combining aggressive accumulation with staking rewards, the company is positioning itself to benefit from both long-term price appreciation and passive blockchain income.

Whether Ethereum enters another major bull cycle remains uncertain, but Bitmine’s continued accumulation signals that large treasury firms are still making sizable bets on ETH’s future.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.