Bitmine to end ETH accumulation upon reaching 5% of circulating supply
CIE News ·
Bitmine plans to stop buying Ethereum once its treasury hits 5% of circulating supply, according to chairman Tom Lee. The firm holds 6,016,414 ETH and needs 100,000 more tokens to reach the target.
Digital asset treasury firm Bitmine will halt its weekly Ethereum accumulation once its holdings reach 5% of the token's circulating supply, chairman Tom Lee announced Wednesday at TOKEN2049 in Singapore, according to CoinDesk. The firm currently holds 6,016,414 ETH, representing roughly 4.9% of the 122.1 million tokens in circulation, meaning it needs 100,000 more ETH to hit its ceiling.
Bitmine started its accumulation strategy in June 2025 and added $41 million worth of ETH during the week leading up to October 5, 2026. At that pace, Lee estimated the firm will reach the 5% target in six to seven weeks. Bitmine holds $643 million in cash and marketable securities available for additional purchases, according to a company update cited by CoinDesk.
Despite the steady acquisitions, Bitmine holds $4.5 billion in unrealized losses on its ether position, according to DropsTab data reported by CoinDesk. Ether (ETH) dropped 5% over the 24 hours leading into Wednesday to around $2,580 amid broader weakness across crypto markets.