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Bitmine Immersion Technologies has slowed the pace of its Ether purchases after previously increasing its buying rate and acquiring more than 100,000 tokens over the last three weeks.
Bitmine said on Monday that it purchased 26,659 ETH over the last week, down from the more than 100,000 ETH per week it had been maintaining previously. The company said it remains on track to buy 5% of the token’s 120.7 million circulating supply by the end of the year.
“We have decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the ‘alchemy of 5%’ target in late 2026,” Bitmine chairman Tom Lee said. “Our previous pace of >100k weekly buys would have us reach 5% by mid-July.”
Bitmine is described as the largest Ether treasury company and one of the most frequent buyers of the token, a business model it adopted from Michael Saylor’s Bitcoin treasury firm Strategy.
Bitmine’s total staked Ether stands at over 4.7 million. The company estimates its annual staking rewards will be roughly $352 million once its entire stash is staked. Blockchain explorer beaconcha.in has tracked over 38 million Ether staked as of Sunday.
Lee said the goal is for Bitmine to eventually stake its entire stash.
“We intend to hold and stake our ETH holdings, which means our ETH holdings are essentially reducing available supply of ETH and removed 4.3% of ETH supply since June 30th, 2025. In other words, ETH supply has been disinflationary since June 2025,” he said.
Bitmine has staked over 4.7 million Ether.
Ether hit an all-time high of $4,946 in August 2025, but it fell alongside the broader crypto market toward the end of last year. It is down 52% from its peak and has been trading between $2,274 and $2,411 over the last seven days, according to CoinGecko.
Lee said he believes a “crypto spring has started,” pointing to Ether’s price rising in correlation with software stocks as supporting evidence.
“Crypto spring has commenced and we wanted to highlight the importance of owning ETH as a source of diversification, and the likely drivers of this coming 'crypto bull' cycle,” he added.
Lee also cited a specific condition: if ETH closes above $2,100 at the end of May 2026, it would mark the third consecutive monthly gain, which he said has never been seen in a crypto bear market. He said such a close would validate that “crypto spring” has arrived.
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