BitMine plans to reduce Ethereum purchases after nearing its accumulation goal of 5% of total supply, holding over 5.1 million ETH.
BitMine is poised to reduce its Ethereum purchases as it nears its accumulation goal, as announced by Chairman Tom Lee at the Consensus 2026 conference in Miami.
The company currently holds over 5.1 million ETH, valued at approximately $11.9 billion. BitMine's original strategy aimed at acquiring 5% of the total Ethereum supply over five years, but it has already amassed 4.29% of the issuance within just one year.
With its acquisition rate of 100,000 ETH weekly, BitMine expects to reach its goal in around six weeks, prompting discussions within management about slowing down purchases.
Unlike many firms that cut back during market downturns, BitMine continued to invest in cryptocurrency. The company has also seen benefits from staking, generating significant cash flow with about 85% of its assets locked in protocols, which yields more than $300 million annually.
As a result, BitMine plans to allocate freed-up capital toward a substantial $444 billion stock buyback and further develop its institutional platform, MAVAN, which currently manages around $14 billion in assets across various cryptocurrencies.
In addition, BitMine is investing in AI-driven consumer projects, such as Eightco Holdings and Beast Industries. Lee anticipates that Ethereum will gain from the broader tokenization of financial assets and advances in AI technology.
Ethereum's Future Prospects
Just prior, Lee expressed optimism at Paris Blockchain Week, suggesting that the bear market is over and labeling the recent downturn a "mini-crypto winter." He forecasts Ethereum could rise to $12,000 soon, with a potential peak of $60,000 by 2028, driven by mass asset tokenization and AI developments.
Lee believes that blockchain technology will play a crucial role in supporting AI systems, as cryptocurrencies may become preferred for micropayments over traditional banking methods.
Notably, BitMine recently completed its third over-the-counter purchase of Ether from the Ethereum Foundation, acquiring 10,000 ETH at an average price of $2,292 on May 1.
