Bitmine Slows Ether Buying, Acquires $53M in ETH Last Week

Bitmine Immersion (BMNR), the largest publicly-traded Ethereum treasury firm, bought 26,497 ether (ETH) last week, sharply reducing the pace of accumulation after making its largest purchase of 2026 just a week earlier. The latest acquisition, worth roughly $53 million at current ETH prices, lifted Bitmine's holdings to nearly 5.42 million tokens, or approximately 4.49% of ether's circulating supply, according to a Monday company update. The purchase was down more than 75% from the prior week's 120,000 ETH haul.

The slowdown comes after Thomas "Tom" Lee, chairman of Bitmine, said in May at Consensus 2026 that the company planned to moderate accumulation as it was rapidly approaching its target. This change in pace is significant for crypto traders because Bitmine is a major institutional holder of ETH, and its buying patterns can influence market sentiment and supply dynamics. A reduction in accumulation may signal that the firm sees less upside at current levels, or that it is simply executing a disciplined treasury strategy. For NowPrice users tracking real-time crypto quotes, the moderation in whale-level buying could reduce short-term bullish pressure on ETH price.

Looking ahead, traders will monitor Bitmine's future disclosures for any further shifts in accumulation strategy. The company's next weekly update will be closely watched, especially if ETH price moves significantly. Additionally, broader market factors such as ETF flows and on-chain exchange reserves will remain key to assessing whether institutional demand for ETH continues to support prices. The halving cycle and macro conditions also play a role in shaping the outlook for digital assets.