BitMine Slows Ethereum Buying Pace, Keeps Year-End Goal of Holding 5% of Supply

BitMine, an Ethereum treasury company, has slowed the pace of its Ether purchases but is maintaining its goal of holding 5% of the token’s supply by year-end.

Cointelegraph reported on May 12 that BitMine bought an additional 26,659 ETH last week, down from its earlier pace of more than 100,000 ETH in weekly purchases.

Chairman Tom Lee said the company would have reached its 5% target well ahead of schedule if it had kept buying at the previous rate. BitMine therefore decided to moderate the pace of accumulation.

Even so, the company plans to stick with its goal of holding 5% of Ethereum’s circulating supply, currently about 120.7 million ETH, by the end of 2026.

BitMine is also pursuing a strategy of staking all of its holdings. About 4.7 million ETH is currently staked, and fully staking its entire position would generate about $352 million in annual rewards.

Lee said BitMine plans to hold and stake its Ether for the long term, reducing the amount of supply available in the market. He added that Ethereum’s supply has effectively entered a disinflationary phase.

Lee also maintained a bullish view on the broader market. He said a close above $2,100 at the end of May would mark a third straight monthly gain for Ether, which he described as a potential signal that a bull market is beginning.