Ethereum treasury firm Bitmine Immersion Technologies has slowed down its recent Ether purchases, but the company says it still plans to buy a large share of the cryptocurrency’s total supply by the end of the year.
The company said it bought over 26,000 ETH in the past week, which is much slower than its earlier pace of buying more than 100,000 ETH each week. Even with this slowdown, Bitmine chairman Tom Lee said the firm is still aiming to control 5% of Ethereum’s circulating supply.
Bitmine is now one of the largest corporate Ether holders, using a strategy similar to Michael Saylor’s approach with Bitcoin. The company holds millions of dollars in staked Ether and expects to earn significant annual income from staking rewards once all its holdings are fully staked.
Lee said Bitmine’s strategy is reducing the amount of ETH available in the market, which could help create a more “disinflationary” environment for the asset.
He also repeated his view that a new “crypto spring” may have started, noting Ethereum’s better price performance and its closer ties to tech stocks.
Even though Ether is still well below its all-time highs, the company thinks the overall market cycle may be changing. Bitmine’s slower buying now seems to be about timing and managing capital, not a lack of confidence in Ethereum’s future.
Source: X.com
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