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Bitmine Immersion Technologies (BMNR) has slowed its weekly Ethereum (ETH) purchases after accumulating more than 5.2 million ETH, representing 4.3% of Ethereum’s supply. The firm bought 26,659 ETH last week, worth roughly $63 million, down sharply from the more than 100,000 ETH it acquired each week in the prior three weekly periods.
The latest purchase lifted Bitmine’s total holdings to over 5.2 million ETH, worth approximately $12.1 billion, making the company the world’s largest Ethereum treasury company.
Chairman Tom Lee said Bitmine intentionally reduced its accumulation pace. He stated that the previous buying rate would have taken the firm to its 5% Ethereum supply target by mid-July, prompting the slowdown.
“We have decided to slow down our pace of weekly accumulation from over 100,000 per week. Our previous pace of buys would have us reach 5% by mid-July.”
In addition to its spot holdings, Bitmine has over 4.7 million ETH staked. At current yields, the company estimates this generates annualised staking rewards of about $319 million.
Bitmine originally expected to reach its 5% Ethereum supply target in late 2026. The aggressive accumulation pace shortened that timeline to weeks, leading to the reassessment. The firm currently holds 4.31% of Ethereum’s circulating supply, which is approximately 120.7 million ETH.
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