Bitmine Immersion Technologies has slowed the pace at which it is adding more ETH, explaining that the current rate of accumulation still keeps it on track to reach its target of owning 5% of Ethereum’s supply within the planned timeframe.
Despite the reduced weekly purchases, Bitmine’s chairman remains strongly bullish on crypto and on Ethereum in particular, forecasting the close of the bear market and the start of what he calls a “crypto spring.”
According to a recent press release, the company’s total ETH holdings rose to 5.21 million tokens from 5.18 million the previous week. That increase of roughly 30,000 ETH represents a notable slowdown compared with past weeks, when weekly acquisitions exceeded 100,000 ETH.
Chairman Tom Lee explained the change in pace by noting that maintaining the prior weekly buy rate of over 100,000 ETH would have put the company on course to reach 5% of total ETH supply by mid-July. Bitmine currently holds about 4.3% of the asset’s total supply and has an explicit goal of reaching the 5% threshold by late 2026.
The decision to temper purchases does not indicate a reduced conviction in Ethereum. On the contrary, Lee emphasized confidence in ETH’s role as a diversification asset and highlighted conditions that could confirm a market shift upward.
“‘Crypto spring’ has commenced, and we wanted to highlight the importance of owning ETH as a source of diversification, and the likely drivers of this coming ‘crypto bull’ cycle. If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain – this has never been seen in a crypto bear market. Thus, a close above $2,100 would validate [that] ‘crypto spring’ has arrived.”
Since the start of 2026, Bitmine has accumulated more than one million ETH. Beyond its Ethereum holdings, the company’s portfolio includes 201 BTC, a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and approximately $775 million in cash.
Bitmine remains the second-largest corporate holder of any cryptocurrency, behind only Strategy, which recently expanded its own Bitcoin holdings.