Bitmine Immersion Technologies has significantly reduced its weekly Ethereum purchases, acquiring only 26,659 ETH last week—worth about $63 million. This marks a sharp decline from the previous pace of over 100,000 ETH per week that the firm had maintained for several months. The company now holds more than 5.2 million ETH, valued at roughly $12.1 billion, cementing its position as the largest corporate holder of Ethereum.
Chairman Tom Lee explained that the aggressive accumulation would have led the firm to its 5% supply target by mid-July, faster than originally planned. The company currently controls 4.31% of Ethereum’s circulating supply, which stands at approximately 120.7 million ETH. Lee noted that the decision to slow down was strategic, allowing the firm to reassess its approach.
Despite the reduced buying, Lee remains optimistic about the market, describing the current phase as a ‘crypto spring.’ He highlighted that if Ethereum closes above $2,100 in May, it would mark the third consecutive monthly gain—a pattern never seen during a bear market. Since the start of 2026, Bitmine has accumulated over 1 million ETH, and its total crypto, cash, and equity holdings have reached $13.4 billion.
The company has staked more than 4.7 million ETH—over 90% of its holdings—generating an estimated $319 million in annualized staking rewards based on a 2.86% yield. This makes Bitmine the largest public company staker of Ethereum globally. Its MAVAN staking platform, launched earlier this year, is now being developed to serve institutional clients.
Looking ahead, Lee identified two key drivers for Ethereum: Wall Street’s increasing adoption of tokenization and the rise of agentic AI systems that rely on public blockchains for payments and verification. He believes these trends will support the network’s long-term growth.