Bitmine Immersion Technologies is preparing to end its prolonged Ethereum-buying campaign after its holdings reach 5% of the cryptocurrency’s circulating supply, chairman Tom Lee said at the Token2049 conference in Singapore on Wednesday.
The company is about 100,000 ETH short of that threshold. Based on its buying pace last week, the remaining accumulation could take another six to seven weeks. According to Decrypt, Lee described the 5% target as a “hard cap” intended to optimize shareholder value.
Bitmine nears the end of its accumulation strategy
Bitmine’s latest disclosure shows it holds 6,016,414 ETH, equivalent to approximately 4.9% of Ethereum’s circulating supply. The company purchased roughly $41 million worth of ETH last week as it moved closer to its stated “Alchemy of 5%” goal.
Bitmine began buying Ethereum every week after launching its treasury strategy in June 2025. That regular activity made the NYSE-listed company one of the most consistent buyers in the market and established it as the largest Ethereum treasury company.
Lee said the original plan was expected to take five years, but the company reached nearly 5% in a little more than a year. He also said the purchases took place during a bear market. Once the 5% level is reached, however, Bitmine intends to stop adding to its Ethereum holdings.
Why the buying halt matters
Bitmine’s weekly purchases have represented a continuing source of demand for ETH. Ending those purchases would remove a buyer that has absorbed Ethereum on a regular basis for more than a year.
Lee has previously indicated that Bitmine could sell Ethereum generated through staking if necessary to prevent its ownership share from rising above the 5% ceiling. Staking generally involves committing cryptocurrency to support a blockchain network in exchange for rewards, while a treasury strategy refers to a company holding digital assets on its balance sheet.
The milestone comes with Bitmine carrying approximately $4.5 billion in unrealized losses on its Ethereum holdings, according to tracking data. Much of the company’s accumulation took place last year, when prices were higher during a bull market. An unrealized loss reflects a decline in the market value of an asset that has not yet been sold.
Current Ethereum market picture
Moneyiar data at 09:24 on October 8, 2026, showed Ethereum at $2,560.89, down 1.67% over 24 hours and 4.80% over seven days. The source material said ETH was trading near $2,570 on Wednesday and had fallen 5.5% that day, outpacing losses across most major crypto assets during Asia trading hours as Lee spoke.
Moneyiar’s data also showed Shiba Inu at $0.0000054043, down 1.83% in 24 hours and 5.94% over seven days; Uniswap at $7.78, down 3.83% and 13.55%, respectively; and Pepe at $0.0000040359, down 1.74% and 6.67%.
Reaching the cap would bring Bitmine’s defining buying spree to an end. The immediate significance for Ethereum is not a planned sale of the company’s existing holdings, but the disappearance of its recurring purchases as a source of market demand.
