BitMine Immersion Technologies may reduce its Ethereum purchases as it approaches a self-imposed target of holding five percent [1] of the total supply.
The move signals a potential shift in one of the largest corporate accumulation strategies in the cryptocurrency market. If the company slows its buying activity, it could reduce the upward pressure on ETH prices while diversifying the firm's digital asset portfolio.
Tom Lee, executive chairman of BitMine, spoke Thursday during the Consensus 2026 conference in Miami. He said the company has already accumulated nearly $12 billion [2] worth of ETH. Lee said that the current pace of acquisition is bringing the firm close to its specific supply goal.
"If BitMine continued its current pace of ETH purchases, we would reach 5% of the total supply," Lee said [1].
While the company remains bullish on the asset, Lee said that the firm is looking to pivot its focus toward other opportunities within the sector. He said, "There's other things to be doing in crypto right now" [3].
Despite the potential slowdown in buying, Lee maintains a positive long-term outlook for the cryptocurrency. He forecasts that the price of Ethereum will reach $12,000 [4] by the end of 2026. This projection suggests that while BitMine may stop increasing its position, it does not intend to liquidate its existing holdings.
The Consensus conference in Miami serves as a primary gathering for blockchain leaders to discuss market trends, and institutional adoption. BitMine's strategy of aggressive accumulation has placed it as a dominant player in the ETH ecosystem, a position the company now seeks to balance with broader crypto investments.
“"There's other things to be doing in crypto right now."”
BitMine's decision to potentially cap its Ethereum holdings indicates a transition from a pure accumulation phase to a diversification phase. By targeting a specific percentage of the total supply, the company is treating ETH as a core reserve asset rather than a speculative trade. This shift suggests that institutional players are beginning to define 'saturation points' for specific assets, potentially signaling a broader trend where capital rotates into emerging crypto sectors once primary positions are established.
