Bitmine Immersion Technologies is turning its long-term Ether accumulation goal into a firm limit. Chairman Tom Lee said the company will not hold more than 5% of Ethereum’s total supply, a threshold it is approaching after building a treasury of about 6 million ETH.
A target becomes a hard cap
Speaking at Token2049 in Singapore on Wednesday, Lee said Bitmine’s current holdings represent roughly 4.9% of Ether’s supply. The company needs approximately another 100,000 ETH to reach the 5% level.
“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said, according to Cointelegraph. “We’re not gonna own more than 5% of Ethereum.”
The statement narrows the scope of a strategy that had previously left open the possibility of buying beyond 5%, depending on the adoption of Ethereum. In an August interview with Bankless, Lee said Bitmine might reconsider that option in 2027. His latest comments establish 5% as the company’s stated ceiling for now.
Bitmine says buying is finished
Lee said much of Bitmine’s Ether accumulation took place during a crypto bear market, when prices were depressed. He argued that the purchases helped the company build its position while also protecting Ether’s downside, but said the accumulation phase has now ended.
“We did all this buying in a bear market,” Lee said. “But now, we’re done stacking in front of a 25X move.”
The cap is also linked to Bitmine’s approach to raising capital. According to Lee, once the company stops purchasing Ether, it will no longer need to raise additional funds specifically to continue expanding its holdings. That means the treasury strategy will shift from buying more ETH to managing the position already accumulated.
Bitmine has used capital markets to fund its Ether treasury. In June, it launched a $300 million perpetual preferred stock offering. By early August, the company had repurchased 16.1 million common shares through a $4 billion buyback program.
Staking could still affect the total
Reaching the 5% ceiling would not necessarily mean Bitmine’s Ether balance remains unchanged. Ether deposited for staking can generate additional ETH over time. Lee has previously said the company could sell staking rewards to prevent its ownership share from moving above the limit.
Staking generally involves committing cryptocurrency to help support a blockchain’s operations in exchange for rewards. For Bitmine, those rewards create a potential increase in its holdings even after direct purchases stop, making management of the 5% threshold an ongoing consideration.
Current market picture
Moneyiar market data at 09:19 on October 8, 2026, put Ethereum at $2,556.86, down 1.91% over 24 hours and 4.90% over seven days. NEAR Protocol was $5.21, up 2.14% in 24 hours and down 0.31% over seven days. Compound stood at $23.64, up 1.43% daily and down 3.24% weekly, while Cap traded at $0.0726, down 16.65% over 24 hours and 2.57% over seven days.
