Tom Lee Says BMNR May Pull Back On Ethereum Buys – ‘There’s Other Things To Be Doing In Crypto Right Now’

• Bitmine Immersion Technologies executive chairman Tom Lee said on Thursday that the company may cut back on its pace of buying Ethereum. 
• At Consensus Miami 2026, he forecast that if Bitmine continued its current pace of ETH purchases, it would reach its goal of accumulating 5% of Ethereum’s supply in six weeks.
• He said that there were “other things” to be doing in the cryptocurrency industry right now.

Bitmine Immersion Technologies (BMNR) chairman Tom Lee said on Thursday that the company may slow down the pace of its Ethereum (ETH) purchases moving forward as “crypto spring” kicks in. 

“I do think we’re going to slow down our pace of buying,” Lee said on stage at Consensus Miami 2026. “I’m not sure we want to get to 5% to quickly.” He estimated that if the company continued to accumulate Ethereum at its current pace, it may meet its “alchemy of 5%” goal within six weeks. 

“I think we’re deciding perhaps we want to accumulate at a somewhat slower pace, because there’s other things to be doing in crypto right now.” 

– Tom Lee, Chairman, Bitmine Immersion Technologies

BMNR’s stock fell over 4% in midday trade on Thursday. Retail sentiment around the largest corporate holder of Ethereum on Stocktwits trended in ‘bearish’ territory over the past day, accompanied by chatter at ‘low’ levels. 

Meanwhile, Ethereum’s price dropped 2.66% in the last 24 hours, falling below the key support level of $2,300. Retail sentiment around the leading altcoin trended in ‘neutral’ territory over the past day, with chatter at ‘normal’ levels. 

Tom Lee’s comments come after Strategy (MSTR) paused its Bitcoin accumulation last week, and executive chairman Michael Saylor said that the company might even sell some of its BTC holdings. 

What ‘Other Things’ Does Tom Lee Want To Do In Crypto?

Bitmine is the largest Ethereum treasury with nearly 5.2 million ETH on its balance sheet. Bitmine's latest weekly purchase amounted to 101,745 Ethereum. The company has said it has an aim of acquiring 5% of Ethereum’s total circulating supply. It is currently 86% of the way there, owning around 4.29% of the supply.

Pointing to ‘other things,’ Lee said Bitmine recently listed on a major exchange and launched a $4 billion share repurchase authorization, giving the company additional flexibility in capital allocation. “We announced a repurchase program of $4 billion in case that’s a better use of our capital,” Lee said.

Lee also highlighted Bitmine’s growing staking operation, which has become a significant contributor to revenue. According to Lee, the Made In America Validator Network (MAVEN) is currently staking approximately $14 billion worth of crypto assets, including Ethereum, Solana (SOL), and Canton-related assets. Around 85% of Bitmine’s own Ethereum holdings are staked.

“We have annualized staking revenue of over $300 million now,” Lee said. “So that’s about a million dollars a day.”

‘Crypto Spring’ Ushers In Crypto Bull Market

According to Lee, the “crypto winter” is over and “crypto spring” has kicked in. He said this means that the crypto bull market is starting. He also reiterated that agentic AI and tokenization are likely to be the main drivers of the next crypto rally. 

Despite Lee’s assertion that digital asset treasuries like Bitmine are meant to outperform the underlying assets, both BMNR’s stock and Ethereum’s price have fallen by over 22% this year. 

Read also: Bitcoin Rally Stalls Ahead Of Jobless Claims As Crude Oil Extends Decline: Crypto Market Sees $420M In Liquidations

For updates and corrections, email newsroom[at]stocktwits[dot]com