Ethereum, BMNR news: ETH may lose its biggest buyer as Bitmine mulls slowing down purchases
Bitmine, a major Ethereum holder, may slow its ETH purchases as it nears its 5% accumulation goal, shifting focus to staking and buybacks.Summary
Bitmine, the largest Ethereum treasury firm, is considering slowing its ether (ETH) purchases as it approaches its goal of accumulating 5% of the ETH supply. Chairman Tom Lee stated that at the current pace of 100,000 ETH per week, the company will reach its target in about six weeks. Bitmine currently holds over 5.1 million ETH, representing 4.29% of the total supply, less than a year after launching its accumulation strategy. This marks a shift for Bitmine, which has been a consistent buyer while many rivals paused during market downturns. The company remains profitable through staking income, generating over $300 million annually, and is exploring other capital uses like share buybacks and expanding its institutional staking platform, MAVAN. Lee also highlighted Bitmine's investments in AI and consumer platforms, and reiterated his belief in Ethereum's potential benefits from asset tokenization and AI integration with public blockchains.
(Source：CoinDesk)