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Publicly traded Ethereum treasury firm BitMine Immersion Technologies slowed its pace of Ethereum purchases last week, adding 26,659 ETH—worth about $62 million—according to the article. The firm said it is adjusting its accumulation schedule after a period of rapid buying.
BitMine holds more than 5.2 million ETH valued around $12.1 billion. In the prior weeks, it accumulated more than 100,000 ETH across three consecutive periods. Chairman Tom Lee said the firm has decided to reduce the pace of weekly accumulation.
“We have decided to slow down our pace of weekly accumulation from more than 100,000 per week as we originally targeted reaching the Alchemy of 5% target in late 2026,” Lee said in a statement. He added that the previous pace of more than 100,000 weekly buys would have put the firm on track to reach the 5% target by mid-July.
Lee also indicated the change during remarks to attendees of the Consensus crypto conference, saying the firm may want to accumulate at a slower pace because “there’s other things to be doing in crypto right now.”
Even with the smaller weekly purchase, BitMine surpassed 4.3% of the Ethereum circulating supply with its latest haul. The firm is now more than 86% of the way to its 5% target, which the article estimates is just over 6 million ETH based on the current circulating token count.
Ethereum was down about 0.6% over the last 24 hours of trading, trading around $2,315. Lee said he believes a “crypto spring” is beginning and that expectations for a new crypto bull cycle could lift the second-largest crypto asset.
He pointed to a technical condition: if ETH closes above $2,100 at the end of May 2026, it would mark the third consecutive monthly gain—something he said has never occurred in a crypto bear market. The article notes that, as of the time referenced, ETH would need to drop more than 9.6% from its Monday trading price to fall below $2,100.
The article says predictors on Myriad, the prediction market platform from Decrypt’s parent company, are leaning bullish. They favor a move to $3,000 before a slide to $1,500.
Shares of BMNR were up about 0.5% since the opening bell, trading at $22.29. The article also reports BMNR has gained about 4.75% over the last month, but is down more than 43% over the last six months.
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