U.S.-listed BitMine Immersion Technologies sharply slowed its pace of Ethereum purchases last week.

CoinPost, a blockchain media outlet, reported on Tuesday that BitMine's Ethereum holdings totalled 5,206,790 ETH as of May 11.

The key is the shift in buying speed. BitMine has been buying Ethereum at a pace of more than 100,000 ETH a week, but this latest increase was limited to about 26,790 ETH from 5.18 million ETH as of May 7. The move is seen as a strategic reduction in buying intensity in consideration of market conditions.

Its holdings remain large. The Ethereum BitMine has secured amounts to 4.31 percent of total supply, and it is cited as the world's second-largest crypto treasury company among listed firms, after Strategy. BitMine is rapidly shifting its focus from a bitcoin mining company to a large-scale Ethereum holding company.

BitMine chairman Tom Lee (톰 리) said last week the company would push back the timing for reaching its core goal of securing 5 percent of total Ethereum supply. The schedule, previously expected for mid-July 2026, was adjusted to the second half of 2026. "I don't want to reach 5 percent too quickly," he said.

BitMine has already purchased more than 1 million ETH since the start of this year. The company says it will continue holding Ethereum while adjusting its buying pace, backed by total assets of $13.4 billion, including $775 million in cash.

In the market, this pace adjustment is being taken as a tweak to an accumulation strategy rather than a simple halt in buying. BitMine moved its listing from NYSE American to the main board on April 9. That has also broadened the foundation to keep pushing its large-scale Ethereum holding strategy within capital markets.

It also made comments on Ethereum supply and demand. The company sees Ethereum supply as having shown a de facto deflationary tendency since June 2025. In such a situation, BitMine's large-scale accumulation could further spur a reduction in circulating supply.

Lee diagnosed the current crypto market as being in a "crypto spring" phase. He saw Wall Street's tokenisation of real-world assets and the expanded use of public blockchains by autonomous artificial intelligence agents as long-term positives for Ethereum. He also said that if Ethereum's price stays above $2,100 until the end of May, it would mark three straight months of gains that were hard to see in past bear markets.

The market's next points to watch are how much more BitMine will slow its buying pace and at what speed it will again pursue its delayed 5 percent target. As the company continues to expand its holdings, attention is also on how changes in buying intensity will affect Ethereum supply and demand.