Tom Lee Hints Bitmine’s Aggressive ETH Buying Is Almost Over

Bitmine, a company led by Tom Lee, has become Ethereum’s largest institutional buyer, accumulating over 5.5 million ETH since mid-2025, representing 4.6% of the total supply. This week, Bitmine added 125,000 ETH in a three-day streak worth roughly $206 million, pushing its holdings to 5,543,872 ETH. Lee indicated the company may reduce buying once it reaches a 5% target, signaling potential support withdrawal. Ethereum’s price has struggled despite Bitmine’s purchases, down 44% year-to-date and 55% below its August 2025 all-time high of $4,953. Spot ETH ETFs recorded 17 consecutive days of net outflows in May, draining $401 million from the market. Analysts at JPMorgan warn Ethereum’s underperformance against Bitcoin will persist without stronger network activity or real-world adoption. Bitmine’s Ethereum treasury strategy launched in mid-2025 filled a critical gap, as Ethereum lacked a structural buyer like Bitcoin’s Strategy, which holds over 818,000 BTC. The company’s announcement sent BMNR stock surging 694% and provided Ethereum’s only consistent bullish narrative amid outflows. However, Lee’s 5% target suggests the rationale for aggressive buying may diminish once crossed. Without Bitmine’s support, Ethereum faces fewer institutional buyers and a weaker price floor. The network remains active in stablecoin transactions, real-world asset tokenization, and decentralized finance, but price and fundamentals have diverged. Observers question whether ETH is the right asset for a corporate treasury strategy given its persistent underperformance. The absence of a new major buyer could leave Ethereum vulnerable, with fewer reasons to accumulate the asset and one less entity setting price floors.