Bitmine to slow Ether purchases, focus on staking

Bitmine, a major Ethereum treasury firm, plans to reduce its Ether acquisition rate as it approaches its 5% supply accumulation target. Chairman Tom Lee indicated that at the current pace of buying 100,000 ETH weekly, the goal will be met within six weeks. Following this, the company intends to shift its focus towards staking and share buybacks, rather than aggressive purchasing. This strategic adjustment comes as other crypto holders, like MicroStrategy, consider selling assets to meet financial obligations. Bitmine's profitability, driven by substantial staking income exceeding $300 million annually, reduces pressure to liquidate holdings.