BitMine Immersion Technologies (NYSE: $BMNR) has slowed its Ethereum (CRYPTO: $ETH) purchases over the past week.
The slowdown comes after months of aggressive buying that has propelled BitMine to become the world’s largest Ethereum treasury company.
The firm led by Chairman Tom Lee bought 26,659 Ethereum over the past week, worth about $63 million U.S. That’s a quarter of the average weekly purchase made in recent weeks.
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The purchase lifted BitMine’s holdings of ETH to more than 5.2 million tokens, equivalent to 4.31% of Ethereum’s total circulating supply.
The slowdown in purchases comes after Lee recently said that BitMine might start moderating its buying pace after the company bought more than one million Ethereum tokens this year.
Lee noted that BitMine is closing in on its stated goal to acquire 5% of Ethereum’s supply.
BitMine has been one of the few treasury firms to consistently buy crypto during the market downturn that began last autumn.
The company’s total crypto and cash holdings now stand at $13.4 billion U.S.
BitMine continues to expand its staking operations. The firm now has over 4.7 million ETH staked, equal to 90% of its holdings and representing about $11.1 billion U.S. worth of assets.
BMNR stock is down 28% this year and trading at $22.34 U.S. per share.
