Chairman Tom Lee announced that Bitmine Immersion Technologies (BMNR) may slow Ethereum purchases at the Consensus Miami 2026 conference. The company is on track to hold 5% of the total Ethereum supply. Lee expects to reach this milestone within six weeks. He cited a new $4 billion share repurchase program and a recent exchange listing as alternative capital uses.
Bitmine Immersion shares fell over 4% during midday trading on Thursday. Retail investor sentiment on Stocktwits turned bearish following the announcement. Ethereum prices declined more than 2.6% over the last 24 hours. The cryptocurrency currently trades below the $2,300 level.