BlockBeats news: On May 8, Tom Lee, Chairman of BitMine, Ethereum’s first treasury, stated at Consensus Miami 2026 that BitMine is currently purchasing approximately 100,000 ETH per week. At this pace, BitMine will reach its target of holding 5% of Ethereum’s total supply in about six weeks; however, the company is currently evaluating whether to slow its purchasing pace and instead allocate capital toward a $4 billion buyback program. BitMine generates over $300 million in annualized income from staking Ethereum, maintains daily cash flow exceeding $1.2 million, and still holds approximately $700 million in cash reserves.
Tom Lee, discussing market outlook, said that if Bitcoin closes above $76,000 by the end of May, it will rise for three months, officially marking the end of the bear market.
Tom Lee commented on Ethereum's target price:
If Bitcoin rises to $250,000 and the ETH/BTC exchange rate returns to its 2021 high, Ethereum would be worth approximately $22,000;
If the ETH/BTC exchange rate reaches the highly optimistic level of 0.25, it corresponds to approximately $62,000;
If tokenization experiences massive adoption and Ethereum becomes the primary settlement layer, this corresponds to $250,000.