Bitmine Slows Down Ethereum Accumulation Amid Rapid Approach to 5% Supply Target

Bitmine Immersion Technologies (BMNR) has adjusted its Ethereum accumulation strategy after rapidly approaching the 5% supply target. The company's Chairman, Tom Lee, stated that the previous pace of purchasing over 100,000 ETH per week would have reached this milestone by mid-July.

In response, Bitmine has slowed down its purchases to approximately 26,659 ETH last week, worth around $63 million. This decision brings total holdings to over 5.2 million ETH, valued at approximately $12.1 billion, making Bitmine the largest Ethereum treasury company globally.

Lee also highlighted the potential for a 'crypto spring' due to increasing adoption and recent price recoveries. He pointed out that if Ethereum's price closes above $2,100 by the end of May, it would be the third consecutive monthly gain in a bear market. This has never been seen before.