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Guavy AI Editorial Team••Sentiment: -1.2•Clout: 85

BitMine Slows Ethereum Purchases as It Approaches 5% Target

ETH

Ethereum treasury firm BitMine Immersion Technologies has slowed its pace of Ethereum purchases. According to a statement from Chairman Tom Lee, the firm added 26,659 ETH or around $62 million worth of the cryptocurrency last week.

This decrease in purchasing rate is likely due to the firm's goal of reaching 5% of the Ethereum circulating supply by late 2026. In previous weeks, BitMine had been aggressively accumulating Ether, adding more than 100,000 ETH (or over $230 million worth) in three straight periods.

The firm now holds over 5.2 million ETH, valued at around $12.1 billion. This surpasses 4.3% of the Ethereum circulating supply and puts BitMine just over 86% of the way to achieving its goal.