Bitmine Slows Ethereum Buying Ahead of 5 Percent Target

Bitmine Immersion Technologies has slowed its Ethereum buying pace ahead of reaching its 5 percent target. According to Cryptopolitan, Bitmine said in a recent filing that it has secured 4.8 percent of circulating Ethereum.

Last week, Bitmine bought an additional 7,391 ETH, extending its buying streak to 58 straight weeks but with the smallest weekly purchase this year. The trend had been signalled by Tom Lee, co-founder of Fundstrat and leader of Bitmine, who said at Consensus in May that it would adjust its Ethereum buying.

Bitmine has placed more emphasis on buying back its own shares rather than Ethereum. Since July, the company bought 19.1 million shares of BMNR stock, spending $50-58 million (about 70.58 billion won to 81.9 billion won) last week alone by purchasing 3 million shares.

Arkham Intelligence estimates that Bitmine has reached about 96 percent of its target. The scenarios for the company's next move are narrowed down to three: continuing purchases beyond the target, slowing the buying pace as it is now, or stopping purchases after reaching the goal. Market attention is focused on the possibility of a halt in purchases.