“We have deliberately slowed the pace of accumulation,” — this was how BitMine Chairman Tom Lee commented on the strategy shift after the company reduced its weekly ETH purchases to 26,659 coins. Moreover, at the previous rate of over 100,000 ETH per week, the firm would have reached its 5% supply target by mid-July, prompting management to adopt a more measured approach.

As Lee stated — “This can be tracked through our ‘Alchemy of 5%’ goal: we originally planned to hit this threshold by late 2026.” But he also specified that the slowdown does not mean a loss of conviction in the asset, but is rather a matter of managing concentration risk, given that the firm’s treasury already exceeds 5.2 million ETH valued at over $12 billion.

Currently, BitMine holds more than 4.3% of Ethereum’s circulating supply, with 90% already locked in staking. This generates approximately $319 million in annual rewards, confirming the strategy of using ETH as a yield-bearing reserve asset closely tied to Wall Street tokenization trends and AI infrastructure development.