Bitmine’s Ether Buying May End as Tom Lee Signals Purchase Halt

Bitmine is nearing the end of its aggressive ether accumulation strategy, with chairman Tom Lee saying the company will stop buying ETH once its holdings reach 5% of the token’s circulating supply.

That would bring an end to a buying streak that has made Bitmine the world’s largest Ethereum treasury and turned the company into a notable source of steady demand for ether.

Lee made the announcement Wednesday at TOKEN2049 in Singapore, saying Bitmine has roughly 100,000 ETH left to acquire before reaching its 5% ceiling.

Bitmine’s latest update showed that it purchased another $41 million worth of ETH last week. Its total holdings have now reached 6,016,414 ETH, representing about 4.9% of the 122.1 million ETH in circulation. At Wednesday’s price of around $2,580, the position was valued at approximately $15.5 billion.

The company has accumulated ETH much faster than initially expected. Lee said Bitmine originally projected that building the position would take five years, but it reached nearly 5% in a little over a year. He also noted that the purchases were made during a bear market.

If the company continues purchasing at last week’s rate, it could take roughly six to seven weeks to add the remaining 100,000 ETH needed to reach the target.

Bitmine also reported $643 million in cash and marketable securities in its Monday update. That is more than twice the amount needed to purchase the remaining ETH required for the 5% threshold at current prices.

A Major ETH Buyer Nears Its Limit

Bitmine’s planned buying halt is significant because the company has maintained a remarkably consistent accumulation schedule. It says the firm has purchased ETH every week since launching its ether treasury strategy in June 2025.

However, the strategy has also left Bitmine with substantial unrealized losses. Much of its ETH was acquired during last year’s crypto bull market at higher prices, and DropsTab data estimates that the company’s holdings are currently about $4.5 billion underwater.

Ether was already facing selling pressure Wednesday as the wider crypto market declined. ETH fell 5% over 24 hours to its lowest level since Sept. 20, losing nearly twice as much as bitcoin.