BitMine Reveals Weekly Ethereum Purchase: Management Says Buying Is Nearly Done

BitMine purchased 12,532 Ethereum last week, increasing its total holdings to 6,028,946 ETH, while management’s statement that buying is largely complete has raised questions about the pace of accumulation going forward.

According to a company statement reported by Wu Blockchain, BitMine’s weekly ETH purchase totaled 12,532. The company’s holdings of Ethereum reached 4.9% of the supply, which stands at approximately 122.1 million ETH.

The weekly update highlighted not only the amount purchased but also management’s message about future purchases. BitMine reported that it had completed approximately 99% of its goal of accumulating 5% of Ethereum’s supply.

Are Ethereum purchases nearing an end?

The company’s forward-looking statements included management’s assessment that ETH purchases are “largely complete.” Coming so close to the target, along with management’s message, points to a possible slowdown in future purchases.

For this reason, the notable aspect of the weekly report was not only the growth in reserves but also that a buyer holding approximately 5% of the supply is nearing the end of its accumulation process.

More than 5 million ETH staked

BitMine also reported that it has 5.07 million ETH staked. This means that most of the company’s total Ethereum holdings are in staking; the reported amount staked is included in its total of 6,028,946 ETH.