{"id":96930,"date":"2026-05-08T11:58:25","date_gmt":"2026-05-08T08:58:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=96930"},"modified":"2026-05-08T12:00:19","modified_gmt":"2026-05-08T09:00:19","slug":"bitmine-to-reduce-ethereum-demand","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitmine-to-reduce-ethereum-demand\/","title":{"rendered":"BitMine to Reduce Ethereum Demand"},"content":{"rendered":"<p>BitMine is nearing its Ethereum accumulation goal and plans to decelerate its purchasing pace. This was announced by Chairman Tom Lee at the Consensus 2026 conference in Miami, reports <a href=\"https:\/\/www.coindesk.com\/business\/2026\/05\/07\/bitmine-to-slow-down-ether-purchases-as-it-nears-accumulation-goal-tom-lee-says\">CoinDesk<\/a>.<\/p>\n<p>The firm holds over 5.1 million ETH valued at $11.9 billion. Initially, BitMine aimed to accumulate 5% of the total asset supply over five years. A year into the strategy, the company <a href=\"https:\/\/forklog.com\/en\/news\/bitmine-expands-ethereum-holdings-to-13-billion\">controls<\/a> 4.29% of the issuance.<\/p>\n<p>At the current rate of 100,000 ETH per week, the target will be reached in about a month and a half, prompting management to discuss slowing down purchases.<\/p>\n<p>BitMine is one of the few major companies that continued buying cryptocurrency during the market correction. In contrast, <a href=\"https:\/\/forklog.com\/en\/news\/strategy-considers-bitcoin-sale-amid-12-7-billion-quarterly-loss\">Strategy<\/a> resorted to selling bitcoins to pay dividends.<\/p>\n<p>Lee emphasized that BitMine remains profitable through <a href=\"https:\/\/forklog.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a> and cash generation. Approximately 85% of the company&#8217;s assets are locked in protocols, yielding over $300 million annually or about $111 million daily. This allows the firm to avoid selling coins during periods of high volatility.<\/p>\n<p>The freed-up capital will be directed towards a $444 billion share buyback and the development of the institutional platform <a href=\"https:\/\/forklog.com\/en\/news\/bitmine-launches-institutional-ethereum-staking-platform\">MAVAN<\/a>. The service already manages $14 billion in assets in ETH, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-solana-sol\">Solana<\/a>, and Canton.<\/p>\n<p>BitMine is also investing in projects at the intersection of AI and consumer platforms, including Eightco Holdings and Beast Industries. Lee believes Ethereum will benefit from the <a href=\"https:\/\/forklog.com\/en\/news\/what-are-rwas-real-world-assets\">tokenization<\/a> of financial assets and the advancement of artificial intelligence systems.<\/p>\n<h2 class=\"wp-block-heading\">Ethereum at $60,000<\/h2>\n<p>Two days earlier, speaking at Paris Blockchain Week, Lee declared the end of the bear trend. In his view, the current downturn was a &#8220;mini-crypto winter,&#8221; and the stock market has already bottomed out.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Crypto Coming of Age in the Era of Tokenization &#038; AI | Thomas J. Lee (BitMine) | PBW 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/117iaoHjSwo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>Lee described Ethereum as the most profitable asset since the onset of the Middle Eastern crisis: the cryptocurrency outperformed the energy sector and the S&#038;P 500 index by nearly 20%.<\/p>\n<p>The analyst forecasted the altcoin&#8217;s price to rise to $12,000 in the near term and to $60,000 by 2028. His optimism is based on two factors: widespread asset tokenization and the development of AI systems.<\/p>\n<p>According to BitMine&#8217;s chairman, blockchains will become the settlement base for <a href=\"https:\/\/forklog.com\/en\/news\/what-are-ai-agents-and-how-do-they-make-life-easier-for-web3-users\">AI agents<\/a>, as neural networks find it more convenient to use cryptocurrencies for micropayments instead of traditional banking systems.<\/p>\n<p>On May 1, Ethereum Foundation <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-foundation-sells-another-10000-eth-to-bitmine\">completed<\/a> its third over-the-counter ether sale to BitMine. The firm acquired 10,000 ETH at an average price of $2,292.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BitMine is nearing its Ethereum accumulation goal and plans to decelerate its purchasing pace, announced Chairman Tom Lee.<\/p>\n","protected":false},"author":1,"featured_media":96931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"BitMine nears Ethereum goal, plans to slow purchases, says Tom Lee.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[46,1138,919],"class_list":["post-96930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum","tag-opinions","tag-tom-lee"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"BitMine nears Ethereum goal, plans to slow purchases, says Tom Lee.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=96930"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96930\/revisions"}],"predecessor-version":[{"id":96932,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96930\/revisions\/96932"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/96931"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=96930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=96930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=96930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}