Bitmine Paces Itself Towards Ethereum Supply Milestone

Bitmine, the largest Ethereum treasury firm by holdings, may slow its ETH accumulation as it nears its long-term target of holding 5% of the total Ethereum supply. According to Chairman Tom Lee, at their current buying pace of around 100,000 ETH per week, they will reach this target in less than two months.

The firm currently holds more than 5.1 million ETH valued at approximately $11.9 billion. This represents around 4.29% of the circulating Ether supply. Lee stated during his keynote that 'At our current buying pace of 100,000 ETH a week, we're going to be there in like six weeks.' He added that they may decide to accumulate at a slower pace.

The revenue generated by Bitmine's staking operation reduces the pressure to sell assets during market volatility. The firm earns more than $300 million annually from staking, or around $1 million per day.