Bitmine buys 12,535 more ETH, closes in on 5% supply cap

Bitmine (Nasdaq: BMNR) bought another 12,535 ETH (~$30.4 million) last week, lifting its treasury to 6.04 million ETH and putting it on pace to hit chairman Tom Lee's cap of 5% of Ethereum's circulating supply in about five weeks, per CoinDesk.

Lee set the ceiling at TOKEN2049, saying the Ethereum treasury firm will stop accumulating once it owns 5% of supply, ending a weekly buying streak that began in June 2025 and made Bitmine the world's largest Ethereum treasury.

• Lee said the five-year accumulation plan took just over one year, done "in the middle of a bear market."
• The stack carries roughly $4.5 billion in unrealized losses, much of it bought at higher 2025 prices, and the company holds cash and marketable securities to fund the remaining purchases.