BitMine plans to delay ETH purchases to a 5% supply target

TLDR

BitMine may delay Ethereum purchases as it nears its 5% supply target. Chairman Tom Lee said that the company can reach the goal of 5% in six weeks at the current pace. BitMine held 5.18 million ETH as of May 3, which is equivalent to 4.29% of the total supply. The company bought 101,745 ETH last week to advance its plan. BitMine added 4.36 million ETH, which is valued at $10.2 billion at recent prices

BitMine Chairman Tom Lee said that the company may reduce the rate of purchase of Ethereum when it reaches the 5% supply goal. He made the comments at the Miami Convention 2026 on Thursday. He said the company could hit its target in six weeks if it continues its current rate of purchases.

BitMine re-evaluates ETH buying strategy

Lee said BitMine may delay purchases as it nears its internal threshold. “I think we're going to slow down our buying pace,” he said. He added, “I'm not sure we want to get to 5% that fast.”

He explained that the company continues to review its capital allocation plans. Other priorities are now competing for funding in the crypto sector, he said. He recently pointed to the company's New York Stock Exchange listing and authorization of a $4 billion share buyback.

BitMine reported holding 5.18 million ETH as of May 3. The company says this amount is equivalent to 4.29% of Ethereum's total supply of 120.7 million. After buying 101,745 ETH last week, he added that his “Alchemy of 5%” goal has reached 86%.

Lee said that the company can reach the level of 5% in six weeks at the same rate. However, he emphasized that the administration can adjust the amount of storage. He said the firm wants to balance growth with other career goals.

Ethereum holdings and staking operations will expand.

BitMine stated that it holds 4.36 million ETH as of May 3rd. The company valued these holdings at 2,336 ETH worth about $10.2 billion. Tom Lee's annual earnings per share reached $297 million.

The company's own stock operations yielded an annualized seven-day yield of 2.91%, he said. He stated that pinching is an integral part of the Treasury's strategy. He stated that ETH is the main reserve asset of the company.

The company reported total crypto, cash and moonshot holdings of $13.1 billion. These holdings include 200 BTC and $700 million in cash. It also holds equity stakes in Beast Industries and Eightco Holdings.

Lee reiterated his broader views on Ethereum during the event. Wall Street said it supports the adoption of the token Ethereum. He also said that agent AI systems need public and independent blockchains.

ETH was trading around $2,300 at press time, down about 2% on the day. Meanwhile, BMNR traded at $21.97. At the time, the company's market capitalization was about $11.8 billion.