BitMine Could Ease Up On Ethereum Buys, ETH Moves Above $2,300

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Major Ethereum treasury firm BitMine could be buying fewer coins now that it got 86% of the way to the “Alchemy of 5%” in just 10 months.

BitMine Immersion Technologies Chairman Tom Lee recently indicated that the company still plans to continue its ETH acquisition, but he also said that this may be happening at a slower pace from now on.

“We thought it could take five years, but we’ve done it at a quick pace,” said Lee at the Consensus crypto conference in Miami on Thursday (via Decrypt). He was referring to the fact that BitMine has bought more than 4% of the circulating ETH supply in less than a year since it started this project.

According to the recent press release, as of May 3, 2026, BTC holds 5,180,131 ETH in total, at $2,336 per ETH. This is 4.29% of the ETH supply, the company said. It also holds 200 Bitcoin (BTC).

“I do think we’re going to slow down our pace of buying. I’m not sure we want to get to 5% too quickly,” he said. “If we continue at our current buying pace of 100,000 ETH a week, we’re going to be there in like six weeks.”

‘More to do in crypto’

At the time of writing on Friday (19:50 UTC), ETH has shifted out of the red zone and appreciated by 1.1% over the past 24 hours. It’s currently changing hands at $2,315. It traded between $2,268 and $2,320 in this period.

Nonetheless, the coin is unchanged in a week, up nearly 4% in a month, and up 13% in a year.

As for BitMine, “we’re deciding,” Lee said. “Perhaps we want to accumulate at a somewhat slower pace, because there’s other things to be doing in crypto right now.”

There’s currently no indication as to what these “other things” are. However, Lee did say that BitMine has got “a lot of bets laid out there,” naming “Ethereum, staking, a lot of moonshots, and of course the stock.”

That said, it seems that BitMine has something cooking, freeing up time, finances, and effort now that the strategy has shifted to slower ETH accumulation.