Bitmine Slashes ETH Buys by 75% as It Nears 5% Supply Mark

• Bitmine cuts weekly Ethereum acquisitions by 75% as it approaches its 5% supply milestone
• Company now just 61,000 ETH short of goal, with most holdings staked and generating strong revenue

On June 1, 2026, Yahoo Finance and Cryptopolitan reported that Bitmine (BMNR), the largest public holder and staker of Ethereum, has reduced its weekly ETH purchases by 75% as both its stock price and Ethereum’s value have dropped. Bitmine’s stock has fallen 38% year-over-year to $19.27, while ETH recently slipped below $2,000. This significant cut in buying activity comes as Bitmine closes in on its widely watched objective of holding 5% of Ethereum’s circulating supply.

As of this report, Bitmine’s ETH holdings have reached 5.42 million tokens, equivalent to 4.49% of Ethereum’s total supply. The company is now only 61,000 ETH away from its goal of securing 5% of the network. Bitmine chairman Tom Lee stated at Consensus 2026 that the slowdown in purchases is a deliberate move as the company nears its target milestone.

Most of Bitmine’s Ethereum assets—approximately 4.7 million ETH—are staked through its MAVAN platform. Yahoo Finance noted this operation generates $258 million in annual revenue, with company projections reaching $300 million by year-end. MAVAN remains the key revenue driver, sustaining its growth trajectory despite slowed acquisition.

Market sentiment around cryptocurrencies remains bearish, with both Bitcoin and Ethereum prices under pressure. Retail investors are wary of BMNR’s declining stock price, especially compared to competitors like Hyperliquid Strategies (PURR), which have fared better during this downturn. Market watchers are now focused on whether Bitmine surpassing the 5% supply threshold could bolster BMNR’s stock or whether bearish trends will continue to weigh on both the company and the broader sector.

As of June 1, 2026, 19:09 UTC, Ethereum (ETH) trades at $1,990.51, down -0.338% in 24-hour volume, according to CoinMarketCap.