Tom Lee Says BitMine May Not Need to Hold 5% of Ethereum Supply

Tom Lee, the chairman leading BitMine’s Ethereum accumulation strategy, said the company may not need to own 5% of the token’s total supply.

Eric Balchunas, a Bloomberg ETF analyst, said on June 10 that Lee made the remarks at a recent DACFP financial planner event while discussing BitMine’s Ethereum-buying strategy, known as “Alchemy of 5%.” As Ethereum’s supply shrinks, Lee said, the company may not need to hold more than 5% of circulating supply.

BitMine currently holds about 5.54 million ETH, equal to roughly 4.6% of Ethereum’s total supply. The company has pursued aggressive purchases with a goal of accumulating 5% of supply.

Lee also expressed strong conviction in Ethereum’s long-term value. He said the current financial system is built on multiple overlapping technology layers and still suffers from fraudulent transactions, while Ethereum and Bitcoin have not had a single fraudulent transaction to date.

Blockchain also operates at a much lower cost than the traditional financial system, he said. Investing in blockchain is akin to owning the core infrastructure of the digital economy.

Lee 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, adding that 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 inclusion in the index could support institutional inflows and help stabilize the stock price.