BitMine Slows Ethereum Buying After Amassing $12 Billion in $ETH
Ethereum treasury firm BitMine Immersion Technologies is pumping the brakes on its aggressive $ETH accumulation strategy. The firm has already gathered more than 5.18 million ETH — worth roughly $11.9 billion — representing over 4% of the circulating supply, all within less than a year.
Speaking at the Consensus conference in Miami, chairman Tom Lee said the firm's goal of owning 5% of all ETH, cheekily called "the alchemy of 5%," is now just weeks away. "If we continue at our current buying pace of 100,000 ETH a week, we're going to be there in like six weeks," he said — but added the firm may deliberately slow down to focus on other crypto opportunities.
Those include a newly launched Ethereum staking network called MAVAN, investments in MrBeast's Beast Industries, and Eightco, a Worldcoin treasury and AI firm.
$BMNRon shares dipped nearly 4% on Thursday to around $22, sitting 86% below their 52-week high — a reminder that even the boldest crypto bets come with volatility attached.