Bitmine Slows ETH Buying After Grabbing 4.49% Of Supply

Bitmine bought 26,497 Ether (ETH) last week and slowed its buying sharply, pushing its holdings to 5.42 million tokens, or 4.49% of the supply.

Key Points:

Bitmine acquired 26,497 ETH last week, worth about $53 million.

Its treasury now holds 5.42 million ETH, roughly 4.49% of the total supply.

Chairman Tom Lee says ETH prices fail to reflect Ethereum's fundamentals.

Bitmine Slows Its ETH Buying

The firm revealed the purchase in a company update on Monday. The buy was worth about $53 million at current prices. It lifted the treasury to 5,416,901 tokens, leaving Bitmine 90% of the way toward its goal of owning 5% of the network.

The pace cooled hard.

The latest buy fell more than 75% from the prior week, when the company scooped up 120,000 tokens in its biggest haul of the year.

Bitmine is one of the few large treasury firms still adding to crypto through the downturn, even as Michael Saylor's Strategy trimmed its Bitcoin (BTC) stash, selling 32 coins for $2.5 million.

Also Read: Cardano Tops Every Major Chain In Stablecoin Growth, Up 61% In A Week

Tom Lee Bets On Crypto Spring

Tom Lee, the company's chairman, said the market is misreading the asset. He argued that the token's price does not match Ethereum's improving fundamentals. "ETH prices are not reflecting the strengthening of Ethereum fundamentals," he said.

Lee tied the gap to timing. He called this stretch the early stages of what he describes as crypto spring, and repeated his plan to reach the 5% mark in 2026.

The buildup carries a cost on paper. Bitmine sits on an unrealized loss above $8 billion at an average entry near $3,484, and its stock slipped more than 3% to about $18. The firm now stakes 4.7 million tokens, worth roughly $9.5 billion, and projects about $296 million in yearly rewards.

Bitmine has moved quickly since January. It has gathered more than 1 million ETH this year and reached 4.49% of supply in just 11 months. A week before the latest pullback, the firm had logged its largest single buy of 2026.

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