Bitmine to slow down ether purchases as it nears accumulation goal, Tom Lee says
Key takeaways
- The company, which holds over 5.1 million ETH worth around $11.9 billion at current prices, originally expected it would take five years to accumulate 5% of the ETH supply, Lee said.
- "At our current buying pace of 100,000 ETH a week, we're going to be there [at 5%] in like six weeks," Lee said during a keynote presentation.
- Lee said Bitmine remains profitable through staking income and cash generation, reducing pressure to liquidate crypto holdings during volatile markets.
The company, which holds over 5.1 million ETH worth around $11.9 billion at current prices, originally expected it would take five years to accumulate 5% of the ETH supply, Lee said. Instead, the company held 4.29% as of this week, 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 [at 5%] in like six weeks," Lee said during a keynote presentation. "I think we’re deciding perhaps we want to accumulate at a somewhat slower pace."
The comments mark a shift in tone for Bitmine, which has remained one of the few large digital asset treasuries still actively buying crypto while many rivals paused accumulation during the market downturn. Strategy (MSTR), the largest corporate bitcoin holder and another consistent crypto buyer over the past months, indicated this week it may sell bitcoin to cover dividend obligations, per Executive Chairman Michael Saylor's suggestion.