Bitmine to stop buying ether once it owns 5% of supply

Bitmine chairman Tom Lee said at TOKEN2049 in Singapore that the Ethereum treasury firm will stop accumulating ETH once its holdings reach 5% of circulating supply, setting a hard ceiling on a weekly buying streak that began in June 2025 and made Bitmine the world's largest Ethereum treasury.

The company already holds 6,016,414 ETH (~4.9% of supply), worth about $15.5 billion at current prices; roughly 100,000 more tokens — about six to seven weeks at last week's pace — would hit the target. Lee said the plan assumed five years but took just over one, done "in the middle of a bear market."

• Bitmine bought another $41 million in ETH last week and holds $643 million in cash and marketable securities to fund the remaining purchases.
• The stack carries roughly $4.5 billion in unrealized losses, much of it bought at higher 2025 prices; ETH fell 5% in 24 hours as the announcement landed.