Tom Lee has indicated that Bitmine's aggressive ETH accumulation may be nearing its end, with the company's latest three-day buying streak bringing total holdings to 5.54 million ETH, representing 4.66% of Ethereum's circulating supply. According to CoinDesk, Lee framed his 5% target as the point at which the strategy's logic fully plays out, suggesting that once the company crosses that threshold, the rationale for aggressive weekly buying weakens. The latest acquisition of 25,000 ETH worth $41.09 million from BitGo represents the final piece of a three-day buying streak totaling 125,000 ETH worth $206 million, bringing Bitmine's total acquisitions over the past three days to 125,000 ETH worth $206 million at current market prices. This represents a significant increase from the 26,497 tokens purchased the previous week and nearly 120,000 ETH acquired the week before, demonstrating Bitmine's continued 'buy-the-dip' strategy despite Ethereum's decline.
Bitmine has single-handedly become Ethereum's most important institutional buyer, snapping up more than 5.5 million ETH since mid-2025, as reported by CoinDesk. The company's announcement sent BMNR stock up 694% and gave Ethereum one of its few consistent bullish narratives in a year of persistent outflows. Until Bitmine launched its Ethereum treasury strategy in mid-2025, ETH had no comparable anchor buyer to Bitcoin's Strategy, which holds more than 818,000 BTC. The latest acquisition comes as Ethereum (ETH) traded near $1,642.7 at press time, down more than 44% since the start of 2026, with the firm sitting on an estimated $9.9 billion in unrealized losses on its total ether holdings according to DropsTab data. 4.72 million ETH are also staked out of its total ETH reserves—indicating long-term goals, aligning with the broader crypto market trend where Bitcoin treasury companies typically adhere to this buy-the-dip guide.
Ethereum was already struggling before any talk of Bitmine stepping back, with the asset down roughly 44% year-to-date, sitting more than 55% below its August 2025 all-time high of $4,953. According to CoinDesk, spot ETH ETFs recorded 17 consecutive days of net outflows in May, draining $401 million from the market. Analysts at JPMorgan said ETH is unlikely to reverse its multi-year underperformance against Bitcoin without meaningful improvements in network activity and real-world adoption. ETH jumped 3% on the news of Bitmine's latest acquisition, but institutional capital has kept leaving while the price has kept lagging. The network hosts the majority of stablecoin transactions, real-world asset tokenization, and decentralized finance activity, with on-chain metrics holding up even as the price hasn't. However, price and fundamentals have been diverging for months, and Bitmine's buying has been one of the few forces keeping that gap from growing faster.
Corporate accumulation has accelerated even as exchange-traded fund demand remains weak, with SoSoValue data showing U.S. spot Ethereum ETFs recorded net outflows of $540.9 million in May and another $131.5 million so far in June. Total ETF assets have fallen to $9.13 billion from more than $15 billion at the beginning of the year. However, June 2026 has seen some improvement in ETH ETF performance, with Farside Investors data showing the ETH ETF has seen inflows of just $101.7 million but outflows of $270.1 million in June. The latest weakness emerged ahead of the May Consumer Price Index report, with uncertainty around inflation and Federal Reserve policy keeping pressure on risk assets across both crypto and equities. BitMine's buying contrasts with bearish derivatives positioning, as Ethereum open interest has fallen sharply from recent highs, with liquidation activity remaining concentrated around key technical levels.
Bitmine (BMNR) closed 3.43% lower at $15.64 on Wednesday and slipped another 0.70% after hours, as reported by The Block's stock price page, reflecting the market's mixed reaction to the firm's continued ETH purchases amid significant price declines. The stock is down more than 7% over the past week and 32% over the past month, with its decline reflecting pressure from Ethereum's wider correction and concern over corporate treasury exposure. Earlier this month, Bitmine filed to offer 3 million shares of a Series A perpetual preferred stock with a 9.5% dividend rate annually on a per-share amount of $100. The stock, similar to Strategy's STRC, is expected to list on the New York Stock Exchange under ticker BMNP. Lee also said BitMine has a high chance of joining the Russell 1000 Index later in June, arguing that inclusion could support institutional flows and help steady BMNR shares. The firm typically releases updates via weekly disclosures but has yet to officially confirm the latest purchases.
