Bitmine, the largest publicly-traded Ethereum treasury firm, has slowed its ether purchase pace in recent weeks. According to a company update, Bitmine acquired 26,497 ETH last week, valued at around $53 million at current prices. This represents a significant decrease from the previous week's acquisition of 120,000 ETH, which was worth over $200 million.
The slowdown in purchases comes after Thomas Lee, chairman of Bitmine and co-founder of Fundstrat, stated that the company planned to moderate its accumulation as it approaches its long-term goal of owning 5% of Ethereum's supply. Despite the slower pace, Bitmine remains one of the few large digital asset treasury firms actively adding to its crypto holdings.
Bitmine's total crypto and cash holdings stood at $11.6 billion as of May 31, with a significant portion held in ETH. The company estimates that its staking operations generate around $258 million in annualized revenue, with projected rewards approaching $300 million annually through its MAVAN staking platform.