Bitmine Slows ETH Buys? They’re 90% To Hoarding 5% Of All Ethereum!

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Key Highlights

  • These very serious ETH collectors slowed their buying to 26,497 ETH (a mere $53 million) last week, down from 120,000 ETH the week before-almost as if they realised they’d been buying more magic coins than a kid in a sweet shop collects sherbet lemons.
  • They’re still sat on a colossal 5.42M ETH stash, making up 4.49% of every ETH coin in existence, which makes them the biggest Ethereum hoarder on the planet-no one else even comes close to their shiny coin pile.
  • Ethereum’s price has dropped to around $1,966, and trading volume has shot up 122%-which is just a fancy way of saying a whole load of people are flogging their coins faster than a kid flogs an unwanted Brussels sprout at Christmas dinner.

Now, if you haven’t heard of Bitmine Immersion Technologies, let me tell you: they’re the sort of very serious, very wealthy company that focuses entirely on hoarding Ethereum, like a dragon sits on a pile of gold, except their gold is magic internet money that changes price every five minutes.

They’ve spent most of May 2026 shoveling ETH into their vaults like there’s no tomorrow, but this week they finally put out a very official, very boring notice saying they’ve decided to slow their roll a little. Last week, they only bought 26,497 ETH, worth about $53 million at current prices. That’s less than a quarter of the 120,000 ETH they bought the week before! It’s not exactly a secret that they’ve hit the brakes on their coin-collecting spree, is it?

Their ETH pile is still big enough to make Scrooge McDuck jealous

Don’t you go thinking they’ve stopped hoarding entirely, though. Oh no. They’re still sitting on a mind-boggling 5.42 million ETH, which is almost 4 and a half percent of every single ETH coin that’s ever been made. That makes them the largest Ethereum treasury holder in the entire world, full stop. If they were collecting seashells, they’d have enough to pave every beach in Cornwall twice over.

And it’s not just ETH they’ve got stuffed in their vaults, either. Their total pile of cash, crypto, and random little investments they’ve stuck their money into is worth around $11.6 billion. They’ve got 203 Bitcoin (the other, much more popular magic internet coin), $446 million in cold hard cash, and tiny little stakes in companies called Beast Industries and Eightco Holdings that are apparently worth $273 million put together. Sounds like the kind of office where the coffee machine makes espresso out of liquid gold, if you ask me.

Tom Lee explains their big 5% supply dream

Now, this slowdown isn’t because they’ve run out of money to buy ETH, oh no. The big boss man, Chairman Tom Lee, says it’s because they’re getting very close to their big, silly-sounding long-term goal: owning 5% of all Ethereum’s total supply.

He told everyone at the Consensus 2026 crypto shindig that they’re going to hit what he calls the “alchemy of 5%” sometime this year. He also says that the price of ETH isn’t matching up to how good the Ethereum network is getting, which is a bit like saying a chocolate cake tastes bad just because it’s being sold for 50p less than usual. He says the whole crypto market is still in the early stages of a “crypto spring,” which I suppose means all the silly, overpriced nonsense of crypto summer hasn’t hit yet. Let’s hope he’s right, eh?

Even with their slower buying pace, they’ve still added more than 1 million ETH since the start of the year. That puts them 90% of the way to their 5% target! They’re still the biggest ETH hoarder in the world, and the second biggest crypto hoarder overall-only beaten by this lot called Strategy Inc., who are obsessed with Bitcoin and have a pile of the stuff so big it would make even Willy Wonka raise an eyebrow.

ETH takes a tumble below the magic $2,000 mark

Meanwhile, while all this hoarding is going on, Ethereum hasn’t been having the best of times. It’s been bashing around the $2,000 level like a fly bashing against a window, unable to break through to the higher, sunnier prices everyone was hoping for. At the time of writing, ETH was trading at $1,966, down about 2% in the last 24 hours and 7% over the last week. All that big institutional buying, and the price is still going down? You could almost feel sorry for the poor coin, if it wasn’t a magic internet thing that doesn’t have feelings.

And that 122% jump in trading volume, reaching $16.57 billion? That’s not people buying because they think the price is going to go up. That’s a whole load of traders panicking and selling their positions faster than a kid runs away from a bowl of broccoli. It’s selling pressure, plain and simple-no fancy jargon needed to hide that one.

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2026-06-01 18:12