Bitmine Immersion Technologies (NYSE: $BMNR) slowed its purchases of Ethereum (CRYPTO: $ETH) over the past week as the price continues to fall.
The largest Ethereum treasury firm bought 26,497 ETH in the last week, sharply reducing the pace of accumulation after making its largest purchase of 2026 a week earlier.
The latest acquisition, worth $53 million U.S., lifted Bitmine’s total holdings to 5.42 million Ethereum, or 4.49% of ETH’s circulating supply, according to the company.
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The purchase was down more than 75% from the previous week, when Bitmine bought 120,000 ETH on the open market.
The slowdown comes after Bitmine Chair Tom Lee said at a conference that the company planned to moderate its accumulations as it approaches its goal of owning 5% of ETH’s supply.
Bitmine has now purchased more than one million Ethereum since the start of this year and is now 90% of the way towards its goal of controlling 5% of the network’s supply.
The company’s total crypto and cash holdings stood at $11.6 billion U.S. on May 31.
The firm has increasingly focused on generating income from its Ethereum holdings through staking.
Bitmine estimates that its staking operations currently generate $258 million U.S. in annualized revenue for the company, with projected rewards of $300 million U.S. annually by year’s end.
BMNR stock has declined 38% this year to trade at $19.27 U.S. per share.
Ethereum is currently trading at $1,980 U.S., below the key support level of $2,000 U.S.