Bitmine Slows ETH Buying After Crossing 5.2M Holdings as Tom Lee Says Crypto Spring Has Begun

• Bitmine increased holdings to 5.2 million ETH, representing about 4.3% of Ethereum’s circulating supply.
• The company slowed weekly ETH buying after months of aggressive accumulation exceeding 100,000 ETH purchases.
• Tom Lee linked Ethereum’s recovery, staking growth, tokenization, and AI adoption to the start of “crypto spring.”

Ether treasury firm Bitmine Immersion Technologies increased its Ethereum holdings above 5.2 million ETH after another major purchase last week, while Chairman Tom Lee declared that “crypto spring” has started. The company disclosed the update on Monday after acquiring 26,659 ETH, bringing its holdings to 4.31% of Ethereum’s circulating supply as accumulation pace slowed following months of aggressive buying.

Bitmine Slows Weekly Ethereum Accumulation

According to Bitmine, the company purchased 26,659 ETH last week, worth roughly $63 million. The latest acquisition lifted total holdings to 5,206,790 ETH, valued near $12.1 billion. However, the pace marked a sharp slowdown from previous weeks. 

Earlier this year, Bitmine regularly acquired more than 100,000 ETH weekly as the company accelerated its treasury strategy. Tom Lee said the company originally planned reaching its 5% Ethereum supply target by late 2026. 

However, the earlier buying pace would have pushed Bitmine toward that target by mid-July. As a result, the company decided to reduce weekly accumulation. Nevertheless, Lee confirmed Bitmine still intends to continue purchasing and staking Ethereum.

Ethereum Staking Holdings Continue Expanding

Meanwhile, Bitmine revealed that 4,712,917 ETH has already been staked across its holdings. The company estimated annual staking rewards could reach approximately $352 million once all holdings become staked.

Lee stated that Bitmine’s strategy effectively removes Ethereum supply from circulation. According to the company, its holdings now represent 4.3% of Ethereum’s total supply.

Additionally, Bitmine noted that Ethereum supply has remained disinflationary since June 2025. The company also confirmed that it acquired more than 1 million ETH since the beginning of 2026.

Besides Ethereum holdings, Bitmine disclosed total crypto, equity, and cash holdings of $13.4 billion as of May 10.

Tom Lee Points to Ethereum Price Structure

Lee also reiterated his view that “crypto spring” has already started. He linked that outlook to Ethereum’s recent price recovery and broader institutional blockchain activity.

According to Lee, Ethereum closing above $2,100 by month-end would mark three consecutive monthly gains. He stated that Ethereum has never recorded that pattern during previous crypto bear markets.

Lee also identified tokenization efforts from Wall Street and agentic AI systems as key Ethereum growth drivers.

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