Bitmine Immersion Technologies (NYSE:BMNR) bought 26,659 Ethereum (CRYPTO: ETH) last week, down 75% from its recent weekly average of 100,000 ETH as Chairman Tom Lee signals a slowdown.

Bitmine Now Holds 4.31% Of Ethereum Supply

The purchase brings Bitmine’s total holdings to over 5.2 million ETH, representing 4.31% of Ethereum’s circulating supply. That marks over 1 million ETH acquired since January alone.

Lee said the firm is moderating buys as it approaches its long-term goal of owning 5% of the token’s supply. 

“We have decided to slow down our pace of weekly accumulation from over 100,000 [ETH] per week,” Lee said in Monday’s statement. “Our previous pace of buys would have us reach 5% by mid-July,” he added.

The slowdown follows comments Lee made last week at Consensus 2026 in Miami, where he said Bitmine was considering easing purchases as it neared the 5% target.

Bitmine’s Total Crypto Holdings Hit $13.4 Billion

Bitmine’s total crypto and cash holdings stood at $13.4 billion. Beyond ETH, the firm holds 201 Bitcoin (CRYPTO: BTC), $775 million in cash, and equity stakes including investments in Beast Industries and Eightco Holdings (NASDAQ:ORBS).

The company now has over 4.7 million ETH staked, more than 90% of its holdings, representing about $11.1 billion worth of assets generating staking rewards through its MAVAN staking platform launched earlier this year.

Tom Lee Says Crypto Spring Has Started

Lee reiterated his view that crypto spring has begun, pointing to Ethereum’s recent recovery and improving sentiment in software and growth stocks.

“If ETH closes above $2,100 at the end of May, this would be the third consecutive monthly gain — this has never been seen in a crypto bear market,” Lee said.

BMNR Stock Chart Shows Bollinger Band Squeeze

Since February’s lows around $16–$17, BMNR has been constructing a tight ascending base between $20–$23.50 for nearly three months. 

The Bollinger Bands are squeezing, with the upper band at $23.46 and lower at $20.85, marking one of the tightest compressions in months.

All four EMAs are converging right at current price, creating a coiled spring effect. 

Breakout trigger sits at $23.46 with a target of $26.96, then $28–$30. Meanwhile, support holds at $20.85 with invalidation below $20.50.

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