BitMine Immersion Technologies (BMNR) slashed its weekly Ethereum (ETH-USD) purchases by 74% because the firm was on track to hit its ‘Alchemy of 5%’ ownership goal years ahead of schedule. On Thursday, the firm bought 26,659 ETH, which is a massive drop from its usual pace of 100,000 tokens per week.
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This shift happened because the company is already 86% of the way to its ultimate target. If BitMine had kept its original speed, it would have reached its goal in July instead of late 2026. Moving at a slower speed now allows the firm to manage its risk and keep its cash for other projects.
Tom Lee Pursues ‘Alchemy of 5%’ Goal
The chairman of BitMine, Tom Lee, confirmed that the company is choosing a “more measured approach” as it gets closer to its final milestone. The firm has a specific plan called the “Alchemy of 5%” where it aims to own 5% of all Ethereum in circulation. BitMine has already gathered 5.2 million ETH, which is worth about $12.1 billion. This means the company currently owns 4.3% of the entire supply. Tom Lee noted that the firm originally wanted to reach this goal by late 2026, so slowing down ensures it does not finish the job too early and tie up all its money in one place.
BitMine Generates ‘$319 Million in Annualized Rewards’ from Staking
The company continues to put its digital tokens to work while it slows down its new purchases. BitMine has moved over 4.7 million ETH into staking, which allows the firm to earn a steady return of about 2.86%. This massive position produces about “$319 million in annualized rewards” for the business.
This turns the Ethereum treasury into a productive source of income that supports the firm’s other crypto projects. Even with the slower buying pace, BitMine remains the largest institutional holder of Ethereum in the world.
Tom Lee Focuses on Long-Term Blockchain Growth
While the firm is buying fewer tokens each week, it remains fully committed to the technology. Tom Lee believes the value of the network will grow as big banks use blockchain for tokenization and AI systems. The team is now focused on managing their existing $12 billion stash rather than aggressively adding more. Choosing a slower buying speed helps the firm avoid the risk of owning too much of the market at once while staying ready for new opportunities in the digital asset space.
Is BitMine Stock a Good Buy?
Turning to TipRanks, BMNR stock has a Moderate Buy consensus rating based on one Buy rating from an analyst assigned in the last three months. The average 12-month BMNR price target sits at $33, implying an upside potential of 50%.
