Tom Lee: BitMine Nearing '5% of Ethereum Supply' Goal, May Slow ETH Purchases

May 8 — BitMine Chairman Tom Lee said at Consensus 2026 on Wednesday that the Ethereum treasury firm may slow its ETH purchases as it nears its accumulation target. The company currently holds over 5.1 million ETH, valued at ~$11.9 billion at current prices. Lee noted BitMine originally planned to take 5 years to accumulate 5% of total ETH supply—but now holds 4.29% (achieved in less than 1 year). At its current weekly rate of 100,000 ETH, the firm will hit the 5% target in ~6 weeks; Lee added they’re considering a slower pace. This marks a tone shift for BitMine, one of the few large digital asset treasury firms still actively buying crypto amid a downturn (many rivals have paused accumulation). MicroStrategy (MSTR)—the top corporate Bitcoin holder, which has been accumulating for months—said this week it may sell BTC to cover dividend obligations, per CEO Michael Saylor’s suggestion. Lee emphasized BitMine remains profitable via staking rewards and cash flow, reducing pressure to liquidate holdings in volatile markets. ~85% of its ETH is staked, generating >$300 million in annual rewards (≈$1 million/day). The firm is also evaluating other capital uses: a recently announced $4 billion stock buyback and expanding its institutional staking platform MAVAN (launched in March). Beyond Ethereum, Lee highlighted BitMine’s AI and consumer platform investments, including Eightco Holdings (ORBS) and MrBeast’s Beast Industries. He called Eightco one of the few public firms with indirect exposure to OpenAI and Sam Altman’s World project. Lee reiterated Ethereum will benefit from two key trends: financial asset tokenization and growing AI systems relying on public blockchains for payments and validation.