TLDR
- Bitmine (BMNR) is buying around 100,000 ETH per week and could hit its 5% ETH supply target in just six weeks.
- Chairman Tom Lee said the firm is weighing a slowdown in purchases as the goal gets closer.
- About 85% of Bitmine’s ETH is staked, generating over $300 million in annualized staking revenue.
- Bitmine has announced a $4 billion buyback program and may redirect capital toward that.
- Lee outlined three ETH price targets: $22,000, $62,000, and $250,000 depending on ETH/BTC ratio and tokenization growth.
Bitmine (BMNR), the largest Ethereum treasury company, is close to hitting a milestone it once thought would take five years. Chairman Tom Lee told attendees at Consensus 2026 in Miami that the firm may soon pump the brakes on its aggressive ETH accumulation.
Bitmine Immersion Technologies, Inc., BMNR
The company has been buying around 100,000 ETH every week. At that pace, Lee said Bitmine would reach its 5% ETH supply target in roughly six weeks — less than a year after launching its strategy.
“At our current buying pace of 100,000 ETH a week, we’re going to be there in like six weeks,” Lee said. “I think we’re deciding perhaps we want to accumulate at a somewhat slower pace.”
Bitmine currently holds over 5.1 million ETH, worth around $11.9 billion. The firm holds 4.29% of the total ETH supply as of this week.
Staking Keeps the Business Running
The company doesn’t need to sell crypto to stay afloat. Around 85% of its ETH holdings are staked, generating more than $300 million in annualized staking revenue — roughly $1 million per day. Daily cash flow across the business tops $1.2 million, and the firm holds about $700 million in cash reserves.
That income stream has kept Bitmine buying through market downturns that pushed competitors to the sidelines. Strategy (MSTR), the largest corporate Bitcoin holder, drew contrast this week when Executive Chairman Michael Saylor suggested the firm might sell Bitcoin to cover dividend obligations.
Bitmine’s path looks different for now.
Buybacks and Beyond
With the accumulation target nearly in reach, the firm is looking at what comes next. Lee pointed to a recently announced $4 billion stock repurchase program as one option for deploying capital.
Bitmine is also expanding MAVAN, its institutional staking platform launched in March. The service currently manages about $14 billion in digital assets, including Ethereum, Solana (SOL), and Canton (CC).
Lee also highlighted the firm’s exposure to AI-linked investments, including Eightco Holdings (ORBS) and MrBeast’s Beast Industries. He described Eightco as one of the only publicly traded companies offering indirect access to OpenAI and Sam Altman’s World project.
On the price side, Lee gave three ETH targets. If Bitcoin reaches $250,000 and the ETH/BTC ratio returns to its 2021 peak, he put ETH at around $22,000. A more bullish ETH/BTC ratio of 0.25 would imply around $62,000. And if tokenization of financial assets reaches a multi-trillion-dollar scale with Ethereum as the primary settlement layer, Lee said ETH could hit $250,000.
He also said Bitcoin closing above $76,000 by end of May would mark three straight months of gains — which he views as a historical signal that the bear market is over.
Bitmine’s staking revenue surpassed $300 million annually with 5.1 million ETH staked across its platform.
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