BMNR
ORBS
New pace, same obsession
Bitmine Immersion Technologies says it bought 26,659 ETH last week, which is a lot in normal-human terms and a huge slowdown in Bitmine terms. That’s roughly 75% below its recent weekly average, as Chairman Tom Lee says the firm is easing off the gas while it gets closer to its long-term goal of owning 5% of Ethereum’s supply.
Why the slowdown matters
Lee’s message is basically: the ETH-buying machine isn’t broken, it’s just switching from "speedrun" mode to "marathon" mode.
- Bitmine says it now holds more than 5.2 million ETH, or about 4.31% of circulating supply
- It has added more than 1 million ETH since January
- Total crypto and cash holdings sit at $13.4 billion
- The firm also holds 201 BTC, $775 million in cash, and stakes tied to Beast Industries and Eightco Holdings
For investors, that matters because Bitmine’s treasury strategy has been a giant part of the bull case. If the company slows purchases, the market may read it as a sign that the most aggressive accumulation phase is behind it.
Tom Lee’s bigger bet
Lee says crypto spring has arrived, pointing to Ethereum’s recent bounce and better vibes in software and growth stocks. He even floated a simple test: if ETH closes above $2,100 at the end of May, that’d be the third straight monthly gain — something he says hasn’t happened in a crypto bear market.
That’s the kind of comment that sounds less like a corporate update and more like a trader talking to the group chat at 2 a.m. Still, it gives you a read on how Bitmine is thinking: less FOMO, more discipline.
The stock setup
BMNR has been coiling in a tight range since February’s lows, and the chart folks are now watching for a breakout above $23.46. If that happens, the next stop could be the high-$20s. If not, the setup starts looking less like a spring and more like a very expensive paperclip.
Big picture: Bitmine is still one of the loudest Ethereum bulls out there — it just seems to be swapping turbo mode for a more measured accumulation plan.