Bitmine’s aggressive ether accumulation strategy is nearing its limit, with chairman Tom Lee saying the company will stop purchasing ETH after reaching a 5% share of the token’s circulating supply.
The planned pause could remove one of the most reliable sources of buying pressure for ether. Bitmine has accumulated ETH since mid-2025 and has grown into the world’s largest Ethereum treasury.
Speaking at TOKEN2049 in Singapore on Wednesday, Lee said the company has only about 100,000 ETH left to acquire before reaching its 5% target, after which it will end its purchases.
Bitmine reported Monday that it bought another $41 million of ETH during the previous week, bringing its total holdings to 6,016,414 ETH. That represents approximately 4.9% of the 122.1 million ETH currently circulating. With ETH trading near $2,580 Wednesday, the company’s holdings were worth around $15.5 billion.
Lee said Bitmine had initially expected to spend five years building its ETH position but accomplished the accumulation in slightly more than a year. He added that the company managed to do so while the crypto market was in a bear phase.
If Bitmine continues buying at the rate reported last week, it could reach the 5% threshold in roughly six to seven weeks after purchasing the additional 100,000 ETH.
The company also reported $643 million in cash and marketable securities. At current ETH prices, that amount is more than twice what would be required to purchase the remaining tokens needed to reach its stated target.
A Major Source of ETH Demand
Bitmine’s expected buying halt is significant because of how consistently the company has accumulated ether. The firm says it has purchased ETH every week since launching its Ethereum treasury strategy in June 2025.
However, the company made many of those purchases when crypto prices were higher during last year’s bull market. According to DropsTab data, Bitmine’s ether holdings currently carry approximately $4.5 billion in unrealized losses.
ETH was already facing renewed selling pressure Wednesday amid a broader crypto market decline. Ether fell 5% over 24 hours to its lowest price since Sept. 20, losing nearly twice as much as bitcoin over the same period.
