Bitmine Immersion Technologies reduced Ethereum purchases by over 75% in the past week amid falling prices.
Bitmine Immersion Technologies slowed its Ethereum accumulation, purchasing 26,497 ETH worth $53 million in the past week, down from 120,000 ETH the prior week. The move follows a decline in ETH’s price below the $2,000 support level, currently trading at $1,980.
The company’s total ETH holdings now stand at 5.42 million, or 4.49% of circulating supply, nearing its 5% ownership goal. Bitmine has bought over 1 million ETH this year, reaching 90% of its target. Its total crypto and cash holdings were $11.6 billion as of May 31.
Bitmine has shifted focus to staking, generating $258 million in annualized revenue, with projections of $300 million by year-end. BMNR stock has fallen 38% this year to $19.27 per share.