BitMine may slow Ethereum purchases as it nears 5% supply target, shifting focus to staking and other crypto ventures.

BitMine Chairman Tom Lee announced the company might reduce its pace of Ethereum (ETH) buying as it approaches its goal of holding 5% of the total ETH supply, potentially reaching this target within six weeks at the current rate. The slowdown reflects BitMine's strategic shift to focus on other areas like staking, its recent NYSE listing, and a $4 billion share repurchase plan. BitMine currently holds 4.29% of ETH supply and has significant staked ETH generating substantial annualized revenue. This move marks a change from its aggressive buying spree, emphasizing a broader crypto strategy beyond just accumulating ETH.