Bitmine Slows Down Ether Purchases Amid Crypto Market Downturn

Bitmine, the largest Ethereum treasury company, has made a significant change in its purchasing strategy. According to an announcement by chairman Tom Lee, the firm will moderate its buying pace of ether tokens. This decision is based on the fact that Bitmine is nearing its long-term goal of owning 5% of the token's supply.

The latest purchase was for 26,659 ether tokens worth approximately $63 million, which is about a quarter of the average weekly haul over the past weeks. This brings Bitmine's holdings to over 5.2 million ETH, or roughly 4.31% of the circulating supply.