Bitcoin's biggest buyer turned seller. Ethereum's may be next

Ethereum could soon join Bitcoin in losing its biggest and most consistent buyer as Bitmine Immersion Technologies (NASDAQ: BMNR) inched closer to its goal of controlling 5% of all the ETH in circulation after the firm touched 4.8% in its latest disclosure. 

Bitmine has already started to temper the pace of its accumulation, extending its 58-week buying streak by adding only 7,391 ETH (about $14.2 million) last week. Coincidentally, that was its smallest weekly buy in 2026, down from over 100,000 ETH weekly purchases earlier in the year. 

Meanwhile, Michael Saylor’s Strategy (NASDAQ: MSTR) has stopped buying Bitcoin altogether since June, at least until it reaches its own stated goal of pushing its STRC preferred stock to its $100 par value. 

The question now is whether Ethereum could face a future where weeks turn into months without Tom Lee’s Bitmine buying any ETH at all.

Why is Bitmine buying less Ethereum? 

Tom Lee, the co-founder of Fundstrat who runs the treasury strategy, already intimated in May at the Consensus conference in Miami that the firm would throttle its Ethereum purchases. Lee added at the time that the firm did not want to hit its 5% target too quickly. 

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