Bitmine Moderates Ether Purchases, Aiming to Hold 5% of Supply by 2026

Bitmine Immersion Technologies slows weekly Ether acquisitions but remains on track to accumulate 5% of circulating ETH by the end of 2026 through staking and treasury growth.

Editorial Team · May 12, 2026 · 2 min read · Source: cointelegraph.com

Bitmine Immersion Technologies has reduced its pace of Ether purchases after rapidly acquiring over 100,000 tokens per week in recent weeks. The company announced it bought roughly 26,659 ETH last week, a significant slowdown from its previous buying rate, but still affirmed its target of holding 5% of Ether’s circulating supply by the end of 2026.

This adjustment follows the initial strategy to reach the 5% target much sooner — potentially by mid-2025 — but Bitmine’s chairman, Tom Lee, explained that the slower accumulation aligns with the company’s longer-term vision for growth and token staking. The total circulating supply of Ether stands at around 120.7 million tokens, making Bitmine’s 5% stake a substantial position.

Bitmine is currently the largest Ether treasury firm and one of the most aggressive buyers of ETH, a business model inspired by Michael Saylor’s Bitcoin Treasury firm Strategy. The company has already staked more than 4.7 million Ether and anticipates earning approximately $352 million annually in staking rewards once its full holdings are staked. The goal is to eventually stake the entirety of its Ether reserves, effectively reducing available ETH supply in the market. According to Bitmine, this staking activity has removed around 4.3% of the total ETH supply since mid-2025, contributing to a disinflationary effect on the token’s circulation.

Ether experienced a peak price of nearly $5,000 in August 2025 but has since fallen along with the broader crypto market. Over the past week, ETH has traded within a range just above $2,200, marking a significant decline from its all-time high.

Tom Lee also reiterated his belief that a “crypto spring” has begun, suggesting that rising Ether prices alongside gains in software stocks indicate an emerging bull market cycle for cryptocurrencies. He pointed out that if Ether closes above $2,100 by the end of May 2026, it would mark the first time in the current bear market that the token registers three consecutive monthly gains, validating the onset of this new upward trend.