Key Takeaways
Bitmine Immersion Technologies sharply reduced its pace of ether acquisitions, purchasing 26,659 ETH worth approximately $63 million last week, a steep drop from its recent average of over 100,000 ETH weekly.
"We have decided to slow down our pace of weekly accumulation from >100,000 per week," Chairman Tom Lee said in a statement. "Our previous pace of >100k weekly buys would have us reach 5% by mid-July."
The latest purchase brings the publicly traded company's total to 5,206,790 ETH, or about 4.31% of the cryptocurrency's circulating supply. The firm has added more than 1 million ETH in 2026 alone, making it the largest corporate holder of Ethereum. In addition to its ether, Bitmine's treasury holds 201 bitcoin and $775 million in cash.
The slowdown by one of the market's most aggressive buyers may reduce purchasing pressure on Ether's price, which was trading at approximately $2,315 on Monday. Lee, however, remains bullish, stating that a month-end close for ETH above $2,100 would validate that "crypto spring" has arrived, a feat unseen in previous bear markets.
Bitmine has expanded its staking operations in parallel with its accumulation strategy. The company now has over 4.7 million ETH staked, representing more than 90% of its holdings and generating yield on approximately $11.1 billion worth of assets. The staking is conducted through its MAVAN platform, which is aimed at institutional clients.
The firm's aggressive crypto strategy comes as its stock (BMNR) has faced headwinds, falling more than 43% over the last six months. Still, Lee reiterated his view that the crypto market is in the early stages of a recovery.
This article is for informational purposes only and does not constitute investment advice.
