Hassan Maishera
TL;DR
-
Bitmine will stop buying ETH once its holdings reach 5% of Ethereum’s circulating supply, Chairman Tom Lee said.
-
The company holds 6,016,414 ETH and needs approximately another 100,000 tokens to reach its target.
-
At its recent purchasing pace, Bitmine could complete its accumulation within six to seven weeks.
-
The firm reported $643 million in cash and marketable securities, while DropsTab estimates $4.5 billion in unrealized ETH losses.
Ethereum treasury firm Bitmine is preparing to end its weekly ETH purchases as it approaches its goal of holding 5% of the cryptocurrency’s circulating supply.
Speaking Wednesday at TOKEN2049 in Singapore, Chairman Tom Lee said the company needs approximately another 100,000 ETH before stopping accumulation.
🚨BREAKING: Tom Lee says BitMine will "STOP" buying ETH at 5% "hard cap." "We only need to get another 100,000 ETH to get to 5%," Lee said on stage at Token2049. Lee called 5% BitMine’s “hard cap,” saying it optimizes shareholder value.
— Coin Bureau (@coinbureau) October 7, 2026
The announcement sets a ceiling on a purchasing campaign that has made Bitmine one of the largest Ethereum holders and supplied recurring demand since June 2025.
Bitmine Holds More Than 6 Million ETH
In its Monday update, Bitmine said it purchased another $41 million worth of ETH last week, bringing its holdings to 6,016,414 tokens.
That represents roughly 4.9% of Ethereum’s reported circulating supply of 122.1 million ETH. At Wednesday’s price near $2,580, the company’s holdings were worth approximately $15.5 billion.
Lee said reaching the target had taken considerably less time than initially anticipated. The company originally expected the process to take five years but built its position in a little over a year.
At last week’s buying pace, acquiring another 100,000 ETH would take approximately six to seven weeks, assuming purchases continue at a similar rate. The precise amount required will also depend on changes in circulating supply.
Bitmine reported $643 million in cash and marketable securities in its latest update. At an ETH price of $2,580, purchasing another 100,000 tokens would cost approximately $258 million. The reported reserves therefore exceed twice that amount.
This suggests the company has sufficient reported financial resources to complete its target at those prices, although the timing and size of future purchases remain management decisions.
Lee’s announcement concerns ending additional accumulation. It does not indicate that Bitmine plans to sell its existing Ethereum holdings.
Ethereum Could Lose a Consistent Source of Demand
Bitmine says it has purchased ETH every week since launching its Ethereum treasury strategy in June 2025.
That consistency distinguishes its buying from more variable sources of market demand. Reaching the 5% target would remove those recurring purchases unless the company changes its strategy.
The effect on Ethereum’s price will depend on whether other buyers absorb the reduction in demand. The end of one company’s accumulation does not, by itself, determine the market’s direction.
Despite the scale of its position, Bitmine’s Ethereum investment is substantially below its acquisition cost, according to DropsTab.
The data provider estimates that the holdings carry approximately $4.5 billion in unrealized losses. Much of the accumulation occurred during last year’s crypto bull market at higher prices.
Although Lee characterized the campaign as taking place during a bear market, the reported purchase history includes periods of stronger market conditions.
Unrealized losses reflect the difference between acquisition costs and current value; they are not realized trading losses unless the assets are sold.
Ether Falls 3% Amid Broader Market Weakness
ETH declined approximately 3% over the last 24 hours, reaching its weakest price since September 20.
The drop was nearly twice Bitcoin’s percentage decline during the same period, according to the report.
Bitmine’s approaching purchase limit adds a demand question to an already weakening market. Over the coming weeks, investors will watch both the company’s remaining purchases and whether other sources of buying emerge as its accumulation campaign concludes.
