BitMine Slows Down Ethereum Purchases as it Nears 5% Supply Target

BitMine, a major player in the Ethereum investment landscape, has recently adjusted its acquisition strategy by sharply reducing its weekly purchases of the cryptocurrency.

The firm has slowed down its buying pace to around 26,659 ETH worth approximately $62-$63 million per week, marking a significant decrease of about 74% from its previous weekly buys.

This reduction in Ethereum purchasing is attributed to BitMine's near-achievement of its goal to hold 5% of the circulating supply. The company currently owns over 5.2 million ETH valued at $12.1 billion, and staking more than 90% of its holdings continues to generate yield.

Despite this shift in strategy, BitMine remains committed to Ethereum's ecosystem, emphasizing that the move is not a loss of confidence but rather a deliberate decision to manage concentration risk and balance other priorities.