Ethereum treasury company BitMine Immersion Technologies has acquired over 4% of the circulating supply of ETH in just under a year, becoming one of the largest holders since it began its acquisition spree. However, Chairman Tom Lee indicated Thursday that the firm might slow down its purchasing rate as it nears its target of owning 5% of the total ETH supply—a mission dubbed ‘the alchemy of 5%.’ (Note: Lee is an investor in Dastan, parent company of Decrypt.)
During a keynote at Consensus crypto conference in Miami on Thursday, Lee explained that his firm’s rapid accumulation pace was faster than anticipated. The company has been buying over 100,000 ETH per week, or approximately $230 million worth. However, with more than 5.18 million ETH, valued at $11.9 billion, already secured, the pace may be reduced.
“We might slow down our buying rate; reaching 5% too quickly isn’t necessary,” Lee remarked. “If we keep this buying pace, we’ll hit the goal in about six weeks,” he added regarding the firm’s target.
Lee suggested that BitMine could shift focus to other crypto initiatives due to its diversified activities. These include launching the Made in America Validator Network (MAVAN) for Ethereum staking and investments in YouTuber MrBeast’s Beast Industries and Eightco, a publicly traded Worldcoin treasury and AI firm.
“We see good risk reward for BitMine given our diverse bets, including Ethereum, staking, several moonshots, and stocks,” said Lee. He forecasted that the company’s shares (BMNR) could reach $5,000 if ETH hits $250,000. However, the stock fell 4% on Thursday to close at $22.01. Despite a 9% rise in the past month, it remains significantly below its 52-week high of $161.
Ethereum itself experienced a slight dip of around 2.4%, trading near $2,297 and is currently over 50% off its all-time peak at $4,946.