Bitmine is dialing back its Ethereum purchases, the company confirmed this week, setting a new target to accumulate 5% of the total ether supply by December. The move comes as Fundstrat Global Advisors co-founder Tom Lee declares the start of a “crypto spring,” citing a link between ether price gains and the performance of software stocks.
Bitmine’s supply target
Bitmine didn’t specify why it’s slowing the pace of its buys. What it did say: the firm aims to own 5% of all ether in circulation by the end of 2026. That’s a big number. At current supply figures, it would mean holding several million coins. The timeline — roughly seven months from now — suggests a steady, deliberate accumulation rather than a sudden sprint.
Tom Lee’s ‘crypto spring’ call
Separately, Tom Lee offered a bullish take on the broader market. He told clients this week that the crypto spring has begun. His reasoning: ether’s recent price rise is tracking closely with the performance of software equities — a pattern he says historically signals the start of a sustained rally. Lee didn’t predict a specific price target, but his framing puts ether in the company of traditional tech growth stories.
What the two facts say about this moment
Bitmine’s move is cautious — slowing down while still aiming for a material share of supply. Lee’s call is the opposite: a clear statement that the downturn is over. Together, they paint a market where big players are positioning for the next leg, but not without some restraint. The timing isn't exactly synchronized, but it's telling.
Whether Bitmine actually hits 5% by December depends on price, competition, and its own treasury. Lee’s thesis will be tested as earnings season unfolds and the correlation with software stocks either holds or breaks. For now, both stories point in the same direction: people are thinking about the next phase.
