Bitmine, an Ethereum (ETH) treasury company, has sharply slowed the pace of additional Ethereum purchases over the past week.

CoinPost, a blockchain media outlet, reported on Monday that Bitmine’s Ethereum holdings stood at 5,416,901 ETH as of May 31. That is equal to 4.49% of Ethereum’s total supply of 120.7 million ETH.

The company bought an additional 26,497 ETH over the past week. That marks a sharp slowdown from weekly acquisitions of 111,942 ETH announced on May 26.

Bitmine has described its goal of reaching a 5% share of Ethereum holdings as the “Alchemy of 5%.” Chairman Tom Lee (톰 리) said he believes the goal of holding 5% of total supply could be achieved in 2026.

Lee said the current Ethereum price does not fully reflect the strengthening of the network’s fundamentals. He added that such a gap is not surprising as the market is in the early stage of a “crypto spring.”

A large portion of its holdings is allocated to staking. Of the total 5,416,901 ETH, 4,718,677 ETH is being staked, worth about $9.5 billion using the company’s stated price of $2,003 per ETH. Bitmine uses its in-house Ethereum validator network, the “Made in America Validator Network” (MAVAN), as a key staking infrastructure.

The company stressed security and stable operations as the network’s operating direction. This is seen as a strategy to go beyond holding Ethereum and directly run validators. The structure aims to expand holdings and participate in the network at the same time by locking up large amounts of Ethereum in staking.

Even so, it is difficult to conclude that the slower buying pace will immediately lead to a change in strategy. Bitmine has already secured holdings in the 4% range of total Ethereum supply, and even if additional purchases shrink, the trend of increasing its ownership share is being maintained. The market is focused more on how quickly the company approaches its 5% holding target than on short-term buying speed.

Bitmine’s strategy does not stop at a simple bet on price gains. By holding large amounts of Ethereum while allocating a substantial portion to staking and operating its own validator network, it is closer to a way of increasing influence within the Ethereum ecosystem. Factors expected to shape Bitmine’s holding strategy include Ethereum’s price trend, staking profitability, validator operating stability and conditions for additional fundraising.

Market attention narrows to two points: whether the slowdown in weekly buying is temporary, and whether Bitmine can actually achieve its goal of securing 5% of total supply within 2026. With its ownership share already at 4.49%, further purchases and expanded staking operations are seen as the company’s next key indicators.