Bitmine Slows Ethereum Buying After Crossing 1 Million ETH Accumulation

Bitmine Immersion Technologies has reduced its weekly Ethereum purchases after a strong accumulation phase earlier this year. The firm bought 26,659 ETH last week, valued at around $63 million, a steep decline compared to its recent average of roughly 100,000 ETH per week.

Chairman Tom Lee said the slowdown reflects the company moving closer to its long-term target of holding 5% of Ethereum’s total supply. Bitmine has already accumulated more than 1 million ETH since the start of 2026, pushing total holdings above 5.2 million ETH, equal to about 4.31% of circulating supply.

Ethereum Accumulation Strategy and Market Position

Lee noted that the previous buying pace would have allowed Bitmine to reach its 5% goal by mid-July, prompting a planned moderation in purchases. Despite the slowdown, the firm remains one of the largest corporate Ethereum holders and continues to accumulate during market volatility.

Bitmine’s total crypto and cash position stands at about $13.4 billion, including 201 Bitcoin, $775 million in cash, and equity investments. More than 4.7 million ETH is staked, generating rewards through its MAVAN staking platform, which supports both institutional and treasury operations.