Bitmine slows Ethereum buys, targets December to own 5% of supply
Tom Lee has also doubled down on the idea that the crypto spring has started and pointed to the Ether price rising in correlation with software stocks as further evidence.
Ether treasury company Bitmine Immersion Technologies has slowed the pace of its Ether purchases after previously increasing its buying rate and acquiring more than 100,000 tokens over the last three weeks.
Bitmine said on Monday that it purchased 26,659 ETH over the last week, down from the over 100,000 tokens a week it was previously maintaining, but that it was still on track for its goal to buy 5% of the token’s 120.7 million circulating supply by the end of the year.
“We have decided to slow down our pace of weekly accumulation from >100,000 per week as we originally targeted reaching the ‘alchemy of 5%’ target in late 2026,” Bitmine Chairman Tom Lee said. “Our previous pace of >100k weekly buys would have us reach 5% by mid-July.”