Bitmine Hits 4.6% of Ether Supply, Tom Lee Floats a 5% Ceiling 🧪

Tom Lee, chairman of Bitmine Immersion Technology, said the company may not need to acquire more than 5% of Ethereum's total supply, signaling a possible pause or slowdown in the firm's aggressive accumulation strategy. The remarks were disclosed on June 11 by Bloomberg senior ETF analyst Eric Balchunas, who said Lee made them at a DACFP financial planner event while outlining Bitmine's Ethereum buying plan, dubbed the "Alchemy of 5%."

Bitmine currently holds about 5.54 million ETH, equal to roughly 4.6% of Ethereum's total supply, according to the disclosures. Lee indicated that the 5% target could be sufficient as Ethereum's supply continues to shrink, reducing the gap between current holdings and the stated goal. Balchunas reported Lee's comments on the timeline for any potential slowdown in purchases.

The company has continued to add to its position amid a broader market pullback. Last week, Bitmine recorded its largest Ethereum purchase of 2026, buying 126,971 ETH worth $214 million, and followed with an additional purchase of 25,000 ETH from BitGo, according to the report. Ethereum's price rose 3% on the day amid buy-the-dip sentiment following the disclosures.

Lee, who has been a vocal proponent of Ethereum's long-term prospects, has framed the accumulation as a strategic bet on the network's role in the broader financial system. He has previously stated that the current financial system is built on multiple overlapping technology layers and still suffers from fraudulent transactions, positioning Ethereum and Bitmine as part of an alternative infrastructure. Bitmine's stated "Alchemy of 5%" target ties its treasury strategy directly to a fixed percentage of Ethereum's circulating supply rather than a fiat-denominated reserve figure.