Bitmine Slows Ethereum Purchases As Price Falls

CryptoProwl

Mon, June 1, 2026 astatine 8:18 AM CDT 1 min read

Bitmine Immersion Technologies (NYSE: $BMNR) slowed its purchases of Ethereum (CRYPTO: $ETH) implicit the past week arsenic the terms continues to fall. 

The largest Ethereum treasury steadfast bought 26,497 ETH successful the past week, sharply reducing the gait of accumulation aft making its largest acquisition of 2026 a week earlier.

The latest acquisition, worthy $53 cardinal U.S., lifted Bitmine's full holdings to 5.42 cardinal Ethereum, oregon 4.49% of ETH’s circulating supply, according to the company.

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The acquisition was down much than 75% from the erstwhile week, erstwhile Bitmine bought 120,000 ETH connected the unfastened market.

The slowdown comes aft Bitmine Chair Tom Lee said astatine a league that the institution planned to mean its accumulations arsenic it approaches its extremity of owning 5% of ETH's supply.

Bitmine has present purchased much than 1 cardinal Ethereum since the commencement of this twelvemonth and is present 90% of the mode towards its extremity of controlling 5% of the network's supply.

The company’s full crypto and currency holdings stood astatine $11.6 cardinal U.S. connected May 31. 

The steadfast has progressively focused connected generating income from its Ethereum holdings done staking. 

Bitmine estimates that its staking operations presently make $258 cardinal U.S. successful annualized gross for the company, with projected rewards of $300 cardinal U.S. annually by year’s end.

BMNR banal has declined 38% this twelvemonth to commercialized astatine $19.27 U.S. per share.

Ethereum is presently trading astatine $1,980 U.S., beneath the cardinal enactment level of $2,000 U.S.