CoinDesk
Bitmine Chairman Tom Lee said the company will stop accumulating ETH once its holdings reach 5% of ether’s circulating supply. The firm holds 6,016,414 ETH, about 4.9% of the 122.1 million tokens in circulation, and needs roughly 100,000 more to hit its target. At Wednesday’s price of about $2,580, its holdings were worth approximately $15.5 billion.
Why it matters
Bitmine says it has bought ETH every week since launching its treasury strategy in June 2025. That consistent buying has made the firm a notable source of demand, though the extent to which its purchases supported ETH prices is unclear. Lee said the company accumulated faster than expected, reaching its target in a little over a year rather than five.
The planned stopping point puts a limit on that source of demand. Bitmine reported $643 million in cash and marketable securities, more than enough to fund the remaining purchases at current prices, but Lee’s statement signals that reaching the 5% threshold, rather than available cash, is the intended endpoint.
Market impact
At its recent buying pace, Bitmine could acquire the remaining ETH in about six to seven weeks if it continues at roughly the same rate. The company’s large position has also carried a cost: its ETH holdings have $4.5 billion in unrealized losses, according to DropsTab data.
Ether fell 5% over the 24 hours to Wednesday, reaching its weakest price since Sept. 20 and dropping nearly twice as much as bitcoin amid broader crypto-market weakness. The end of Bitmine’s purchases would remove a recurring buyer, but the seed does not establish how much of ETH’s price action those purchases drove.
Frequently asked questions
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How much ETH does Bitmine need to reach its 5% target?
Bitmine needs roughly 100,000 more ETH. Its 6,016,414 ETH represents about 4.9% of the 122.1 million tokens in circulation.
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When could Bitmine reach its ETH accumulation target?
At its recent buying pace, Bitmine could acquire the remaining ETH in about six to seven weeks, assuming it continues accumulating at roughly the same rate.
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Why would Bitmine stopping purchases matter for ETH?
Bitmine says it has bought ETH every week since June 2025, making it a steady source of demand. The extent to which those purchases supported ETH prices is unclear.
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How large are Bitmine’s unrealized losses on its ETH holdings?
Bitmine’s ETH holdings carry $4.5 billion in unrealized losses, according to data from DropsTab.
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How did ETH perform as Bitmine neared its target?
Ether fell 5% over 24 hours on Wednesday, reaching its weakest price since Sept. 20 and dropping nearly twice as much as bitcoin amid broader crypto-market weakness.
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