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Bitmine to slow Ethereum buying as ETH holdings near 5% threshold

Bitmine said it has amassed 5.7 million ETH, about 4.8% of supply, and will redirect more capital toward staking, Ethereum infrastructure, and financial services.

Reported · Written up by our desk · Market Structure

Bitmine plans to slow its spot Ethereum purchases as its holdings near a 5% cap, ending a yearlong accumulation that made it the largest corporate holder of the token, CryptoSlate reports. In a July Chairman message, Thomas Lee said Bitmine holds 5.7 million ETH, roughly 4.8% of total supply, and expects to approach the threshold gradually rather than keep buying at the prior pace.

The company framed the change as a strategic shift tied to how staking works on proof-of-stake Ethereum, where a large treasury can play an operational role beyond simply holding assets. Lee said discussions with people connected to the Ethereum Foundation helped persuade Bitmine to avoid accelerating purchases during the foundation’s transition.

Bitmine said it intends to allocate more capital to staking, Ethereum infrastructure, and financial services investments to increase the economic use and value of its existing token balance. The outlet also notes that the company’s positioning does not give it control over Ethereum, and that its holdings differ from amounts committed to staking and validators operated.

CryptoSlate adds that Bitmine reported $45.7 million in staking and validation revenue for the three months ended May 31, including $3.5 million tied to its acquisition of staking operator Pier Two, after launching native staking last November. Lee estimated that the correlation between Bitmine’s shares and Ethereum was about 90%, underscoring that investors still largely treat the stock as an Ethereum proxy even as Bitmine expands other operations.

Latest closeEthereum $1,839.63 ▼1.3%

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