Bitmine slows Ethereum buys, targets December to own 5% of supply
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- Bitmine reduced its weekly Ether acquisition to 26,659 ETH in the past week, down from a prior pace of over 100,000 ETH per week.
- Bitmine still targets holding 5% of Ethereum’s 120.7 million circulating supply by the end of 2026, a goal originally slated for mid‑July 2026 at the higher buying rate.
- Bitmine has already staked more than 4.7 million ETH and projects annual staking rewards of roughly $352 million once its entire stash is staked, effectively removing about 4.3% of ETH supply since June 2025.
- Tom Lee declared a “crypto spring” is underway, pointing to ETH’s price correlation with software stocks and noting that a close above $2,100 at the end of May 2026 would be unprecedented in a bear market.
- Ethereum has been trading between $2,274 and $2,411 over the last week, down 52% from its August 2025 all‑time high of $4,946.
Why it matters: Investors and ETH stakers gain from Bitmine’s $352 M annual staking revenue and supply‑tightening, while traders face reduced liquidity as 4.3% of ETH is locked up.
