Bitmine Immersion Technologies, the largest Ether treasury company, has cut its weekly Ethereum purchases to 26,659 ETH from over 100,000 ETH, extending its timeline to reach 5% of Ethereum’s 120.7 million circulating supply by the end of 2026. The slowdown, announced May 12, preserves the accumulation target while adjusting pace as ETH trades 52% below its August 2025 peak of $4,946.
Why Bitmine Pumped the Brakes on ETH Buying
Bitmine’s previous acquisition rate of over 100,000 ETH per week would have delivered its 5% ownership target by mid-July 2026, ahead of schedule. The company opted to extend the timeline to late 2026, signaling a strategic pivot in capital deployment during a volatile market cycle. Tom Lee, Bitmine Chairman, framed the adjustment as intentional: “We have decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the ‘alchemy of 5%’ target in late 2026.” The move mirrors Michael Saylor’s Bitcoin treasury strategy, which prioritizes long-term conviction over rapid accumulation windows.
Bitmine’s ETH Holdings Already Reshape Supply Dynamics
Bitmine’s staking operations, launched June 30, 2025, have already removed 4.3% of Ethereum’s supply from circulation since that date. The company currently holds 4.7 million staked ETH and plans to stake all future holdings. Once fully positioned, Bitmine’s stakes will generate approximately $352 million in annual staking rewards. Lee emphasized the deflationary impact: “ETH supply has been disinflationary since June 2025” as Bitmine’s locked positions reduce available supply. Network-wide, 38 million ETH is currently staked, with Bitmine’s position representing a meaningful portion of that total.
Bitmine Frames Slowdown Within Broader Crypto Cycle Thesis
The announcement coincides with ETH trading between $2,274 and $2,411 over the prior week, validating what Lee calls the onset of “crypto spring.” Lee stated: “Crypto spring has commenced and we wanted to highlight the importance of owning ETH as a source of diversification, and the likely drivers of this coming ‘crypto bull’ cycle.” The $2,100 price level has become a psychological threshold for market sentiment. Bitmine’s adjusted pace reflects confidence in long-term ETH appreciation rather than urgency to front-load purchases at depressed valuations.
5% Ownership Milestone Remains on Track
At 26,659 ETH weekly, Bitmine will accumulate approximately 1.39 million ETH over the remaining 32 weeks of 2026, positioning the firm to cross its 5% supply threshold before year-end. The target represents roughly 6 million ETH, making Bitmine a structural holder with meaningful governance and staking influence. The company’s treasury model has attracted institutional attention as Ethereum matures into a yield-bearing asset class.
