Bitmine will stop buying Ethereum once its holdings reach 5% of the token's circulating supply, according to chairman Tom Lee, who made the announcement Wednesday at the Token2049 conference in Singapore.
The NYSE-listed firm currently holds 6,016,414 ETH, representing approximately 4.9% of circulating supply. Lee said Bitmine is roughly 100,000 ETH away from the threshold, which at recent accumulation rates represents approximately six to seven weeks of additional buying.
Bitmine has purchased Ethereum weekly since June 2025, providing a steady source of demand throughout the period. Lee noted the company achieved its accumulation goal in just over a year, faster than the original five-year timeline. "We thought this would take five years," Lee said. "It took us a little over a year. More importantly, we did this all in the middle of a bear market. Now we're going to stop."
The company added approximately $41 million in ETH in its most recent week of purchases. Lee described the 5% threshold as a "hard cap" designed to optimize shareholder value.
Market Impact
The cessation of Bitmine's weekly purchases represents the end of a persistent buyer in the Ethereum market. Lee has previously indicated the company could sell Ethereum earned through staking to prevent its supply share from exceeding the 5% cap.
Bitmine's current ETH holdings carry approximately $4.5 billion in unrealized losses, as much of the accumulation occurred at higher prices during the previous bull market.
