BitMine Immersion Technologies, the largest corporate holder of Ethereum, is nearing the end of its multi-year accumulation program. Chairman Tom Lee announced at the Token2049 conference in Singapore that the company needs approximately 100,000 more ETH to reach its target of 5% of total supply.
As of October 4, BitMine held 6,016,414 ETH, representing roughly 4.9% of Ethereum's circulating supply. At current prices, acquiring the remaining tokens needed to reach 5% would cost approximately $230 million.
BitMine began its buying program on June 30, 2025, when ETH was trading near $2,500. After 15 months and 6 million tokens purchased, the price stood at $2,581 at the time of the announcement. Once the company reaches its 5% target, it will cease purchases and no longer need to raise capital to fund the program.
Market Impact Assessment
BitMine's purchasing activity has coincided with significant Ethereum price movements. In August 2025, the company acquired approximately 1.1 million ETH, the largest single-month purchase by any corporate treasury holder that period, according to VanEck data. Ethereum gained 15.8% that month and peaked near $4,953.
However, the relationship between BitMine's buying and price direction has been inconsistent. Through 2026, the company maintained weekly purchases even as ETH fell below $2,000 by June, declining 44% for the year. At that point, BitMine's 5.41 million ETH holdings had depreciated approximately $9 billion below the company's cost basis.
Recent Ethereum fund flows have moved in the opposite direction of BitMine's accumulation. US spot Ethereum exchange-traded funds experienced outflows of approximately $408 million over six days, equivalent to roughly 152,000 ETH—10 times the size of BitMine's typical weekly purchase.
BitMine's staked ETH holdings of 5.07 million generate approximately $363 million annually in staking rewards. The company's stock performance has outpaced Ethereum's this year.
