Bitmine recently revealed that it has reached 5,777,000 ETHs in size at the size of the Taifung Treasury, accounting for about 4.8 per cent of the total network supply in current circulation. According to the company, this size is close to its target of 5 per cent.
Over the past three weeks, Bitmine's buying rate has dropped significantly. At the beginning of July, the company bought 4.22 million ETHs a week, valued at approximately $74 million; in the following week it fell to 27.8 million ETHs; and in the last week it has further decreased to 7430, or approximately $13.9 million.
Tom Lee, the chairman of the company, said that slowing down purchases did not mean stopping the increase. Bitmine is still buying ETH on a weekly basis, with only a phased shift to repurchase of its own stock.
Hold hold on to the target.
Bitmine currently holds 5.777 million ETH. This is equivalent to 4.8 per cent of the total supply of the Taifeng by disclosed data. The company's 5% distance is only about 250,000 ETHs.
There's been a significant decline in the purchasing power.
Early in July, the company bought 422,000 ETHs a week. The number fell to 27.8 million in the following week and to 7430 in the last week. The pace of buy-in was significantly slower than in the previous period.
Transfer of funds to stock buyback
The report mentions that ETH is currently hovering around $1856. The average purchase cost of Bitmine is about $1879. In the company ' s view, there is a greater need to stabilize the stock price before continuing to advance the hold target.