CoinDesk
Bitmine (BMNR), the largest Ethereum treasury firm, is preparing to slow its ether accumulation as it closes in on a 5% supply target, Chairman Tom Lee said Thursday at Consensus 2026 in Miami. Bitmine currently holds 5.1 million ETH worth roughly $11.9 billion — 4.29% of supply — and is buying at a pace of about 100,000 ETH per week, putting the 5% milestone within roughly six weeks.
The pivot marks a sharp reversal of the timeline Bitmine itself expected. When the firm launched its strategy, Lee said, hitting 5% was a five-year project. Hitting it in under a year is the reason for the slowdown, not a retreat from the thesis.
Why it matters
Bitmine has been one of the few large digital asset treasuries still adding through the downturn, with about 85% of its ETH staked. That staking book is generating more than $300 million in annualized revenue — roughly $1 million per day — meaning the firm is largely self-funding its hold strategy without needing to liquidate. Lee's framing of a "slower" pace preserves optionality: the bid stays in the market, just at a diminishing rate, which is a softer signal than peers choosing to stop.
The contrast with Strategy is loud. The largest corporate bitcoin holder signaled this week it may sell BTC to cover dividend obligations, per Executive Chairman Michael Saylor. Bitmine's cash generation from staking is the structural difference: a yield-bearing reserve asset produces the dividends, the buybacks and the runway without forced selling.
Market impact
Two capital-return channels are now in scope alongside accumulation: a recently announced $4 billion share repurchase program and continued expansion of MAVAN, Bitmine's institutional staking platform, launched in March and already staking around $14 billion in ETH, SOL and Canton (CC).
Lee used the keynote to re-anchor Bitmine's broader thesis: Ethereum is the rail for two converging trends — tokenization of financial assets, and AI systems that need a public blockchain for payments and verification.
Frequently asked questions
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Why is Bitmine slowing its ETH purchases?
Chairman Tom Lee said the firm is closer to its 5% of ETH supply target than originally planned — about six weeks away at the current ~100,000 ETH-per-week pace — and is choosing to taper rather than continue at full speed.
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How much ETH does Bitmine currently hold?
Bitmine holds 5.1 million ETH, roughly 4.29% of total supply, valued at around $11.9 billion at current prices.
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How does Bitmine fund itself without selling crypto?
About 85% of Bitmine's ETH is staked, generating more than $300 million in annualized revenue — roughly $1 million per day — which Lee said covers the firm's operating and capital-return needs.
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What is MAVAN and how much is it staking?
MAVAN is Bitmine's institutional staking platform, launched in March. Lee said it is currently staking around $14 billion in digital assets, including ETH, Solana (SOL) and Canton (CC).
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How does Bitmine's strategy differ from Strategy's (MSTR)?
Strategy signaled this week it may sell bitcoin to meet dividend obligations, per Michael Saylor. Bitmine, by contrast, is funded primarily by staking yield — the firm is also evaluating a $4 billion share repurchase program and MAVAN expansion instead of selling its core holdings.
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