- BitMine added another 26,659 ETH while slowing its previously aggressive accumulation pace.
- The company now controls more than 4.3% of Ethereum’s circulating supply.
- Tom Lee believes Ethereum holding above $2,100 could confirm the start of a broader “crypto spring.”
Publicly traded Ethereum treasury company BitMine Immersion Technologies is starting to ease off its aggressive ETH buying pace after accumulating one of the largest corporate Ethereum holdings in the market. Last week alone, the firm added another 26,659 ETH, worth roughly $62 million, pushing its total holdings beyond 5.2 million ETH valued near $12.1 billion.
The slowdown stands out because BitMine had spent previous weeks buying Ethereum at an extremely aggressive rate. For three consecutive periods, the company accumulated more than 100,000 ETH weekly, adding well over $230 million worth of Ethereum during each stretch. That buying activity helped push BitMine closer to its long-term target of controlling 5% of Ethereum’s circulating supply.
According to Chairman Tom Lee, the company intentionally decided to reduce the speed of weekly purchases because its original timeline was moving much faster than expected. He explained that BitMine initially aimed to reach its so-called “Alchemy of 5%” goal sometime in late 2026, but maintaining the previous buying pace would have allowed the firm to hit that target as early as mid-July.
That’s a pretty massive acceleration honestly, and it seems the company now wants a more measured approach moving forward rather than continuing full-speed accumulation indefinitely.
BitMine Already Controls More Than 4% of Ethereum Supply
Even with the slower pace, BitMine’s Ethereum holdings continue growing at a remarkable scale. The latest purchase pushed the firm’s control of ETH circulating supply above 4.3%, bringing it more than 86% of the way toward its long-term target.
Based on current circulating supply figures, reaching the 5% milestone would require BitMine to hold just over 6 million ETH total. Considering the company already sits above 5.2 million ETH, that target suddenly looks much closer than many expected earlier this year.
Tom Lee hinted during a crypto conference appearance last week that the firm might start shifting focus slightly away from nonstop Ethereum accumulation. While still clearly bullish on ETH, he suggested there are now “other things to be doing in crypto right now,” implying BitMine may be exploring broader opportunities within the market rather than concentrating entirely on one strategy.
Even so, the company’s Ethereum position remains enormous by any standard, and BitMine has become one of the most closely watched institutional players inside the ETH ecosystem.
Tom Lee Believes “Crypto Spring” Has Arrived
Despite slowing purchases somewhat, Lee remains highly optimistic about Ethereum and the broader crypto market outlook. He recently argued that “crypto spring” may already be starting, with Ethereum potentially entering the early stages of another bullish expansion cycle.
One of the main signals he pointed toward involves Ethereum’s monthly price structure. According to Lee, if ETH closes above the $2,100 level by the end of May 2026, it would mark the third consecutive month of gains — something he claims has never occurred during a true crypto bear market.
In his view, maintaining strength above that level would reinforce the idea that the market is transitioning away from bearish conditions and into a healthier long-term recovery phase. At current prices, ETH would need to fall more than 9% from Monday’s trading range near $2,315 to invalidate that setup.
Market sentiment around Ethereum has gradually improved over recent weeks as Bitcoin stabilized and broader crypto participation started recovering again. Institutional accumulation trends, rising ETF discussions, and stronger on-chain activity have all contributed to the growing optimism surrounding ETH specifically.
Ethereum Momentum Builds as Investors Watch Institutional Moves
BitMine’s strategy shift comes at an interesting moment for Ethereum overall. While ETH has underperformed some faster-moving altcoins during parts of the cycle, institutional interest surrounding the asset continues expanding steadily. Large treasury firms, asset managers, and traditional finance players increasingly view Ethereum as core blockchain infrastructure rather than simply another speculative token.
That narrative appears to be strengthening as companies like BitMine continue building massive positions despite short-term volatility. Even with reduced buying speed, the firm’s holdings remain large enough to influence broader market sentiment whenever accumulation updates become public.
Meanwhile, BitMine shares have also seen mixed performance recently. BMNR stock gained roughly 0.5% during Monday trading and has risen around 4.7% over the past month. However, shares remain down more than 43% over the last six months, showing how volatile crypto-linked equities still remain despite improving market conditions.
For now, traders are watching two things closely: whether Ethereum can maintain momentum above key support levels and whether BitMine’s slower accumulation pace signals caution or simply strategic repositioning during what some investors believe could become the early stages of another crypto bull cycle.
