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Tom Lee, chairman leading BitMine’s Ethereum accumulation strategy, said the company may not need to reach its goal of holding 5% of Ethereum’s total supply.
Eric Balchunas, a Bloomberg ETF analyst, said on June 10 that Lee recently told a DACFP financial planners event that BitMine’s “Alchemy of 5%” strategy may not require the company to hold more than 5% of Ethereum in circulation.
BitMine currently holds about 5.54 million ETH, equal to roughly 4.6% of total Ethereum supply. The company has pursued aggressive purchases with the goal of acquiring 5% of supply.
Lee also expressed strong conviction in Ethereum’s long-term value. He said the current financial system is built on multiple layers of technology and still suffers from fraudulent transactions. By contrast, he argued, Ethereum and Bitcoin have not had a single fraudulent transaction so far.
He also said blockchain operates at far lower cost than the traditional financial system. Investing in blockchain is similar to owning core infrastructure for the digital economy, he added.
Lee also said the spread of agentic AI could increase demand for Ethereum. AI agents will use blockchain for fast transaction processing and reliable record-keeping, he said. Over time, the combination of AI and blockchain could become a new growth driver.
Separately, Lee said BitMine has a high chance of joining the Russell 1000 Index later in June. He added that index inclusion could support institutional inflows and help stabilize the stock price.
