Bitmine Slows ETH Buying as It Nears 5% Supply Target

Bitmine has significantly slowed its Ethereum (ETH) buying after acquiring nearly $52 million worth of the cryptocurrency in a recent purchase. The firm now holds approximately 5.4 million ETH, representing about 4.49% of the total supply.

The company's chairman, Tom Lee, expects Bitmine to reach its target of holding 5% of the ETH supply by sometime in 2026. To achieve this goal without buying up too much of the market, Bitmine is slowing down its purchases.

Lee believes that current prices do not reflect improving Ethereum fundamentals and notes that the firm is at an early stage of a 'crypto spring'. The recent purchase marks a sharp slowdown from last week's $112,000 ETH buy, which was the largest purchase made by Bitmine this year.