BitMine设定ETH供应5%硬性上限，随着积累接近目标

Tom Lee, Chairman of BitMine Immersion Technologies, announced that the ETH position limit will be set at 5%, and the increase in holdings will be stopped.

Tom Lee, Chairman of BitMine Immersion Technologies, said that when the company's Ethereum position reaches 5% of the circulating supply, the company will stop increasing holdings. At the Token2049 conference held in Singapore on Wednesday, Lee revealed that BitMine has accumulated about 6 million ETH, accounting for about 4.9% of supply, only 100,000 ETH short of the target upper limit and is currently "approaching the threshold."

Lee described the 5% limit as a firm and implementable strategy rather than a temporary goal. "This is a hard cap and we will not continue to accumulate after holding more than 5%." He emphasized that BitMine has no intention of owning a share of Ethereum beyond that percentage.

Core Points

• According to Tom Lee, BitMine plans to stop buying additional ETH when its holdings reach approximately 5% of Ethereum's supply.
• The company's current positions account for approximately 4.9%(approximately 6 million ETH), and there is still room to purchase approximately 100,000 ETH before reaching the upper limit.
• Lee linked this cap to capital planning-stopping purchases would reduce the need for additional financing to continue the acquisition of ETH.
• Although spot purchases have stopped, if the proceeds obtained through pledges are not managed in the manner described by Lee previously, the pledge-related ETH may still cause the proportion of positions to exceed the standard.

Clear 5% cap: Designed to end ETH accumulation

Lee的言论备受关注，因为BitMine此前曾保留过超越5%的可能性，具体取决于以太坊的采用轨迹。此前的报道指出，他曾建议如果采用条件合适，公司可能会重新考虑这一想法——他在8月接受Bankless采访时重申了这一观点，称公司可能在2027年重新审视该阈值。

然而，在Token2049会议上，Lee将周二的声明呈现为一个决定性的转折：一个防止在5%水平之上进一步积累的“硬性上限”。基于Lee对约600万枚ETH的估计，该公司的头寸目前已非常接近这一界限，足以使BitMine几乎达到其预期的以太坊供应最大份额。

为何上限对BitMine的资本战略至关重要

Lee表示，BitMine的方法不仅与其ETH敞口有关，还与其计划如何为该敞口融资有关。他暗示，一旦公司在5%的水平上封顶，就不再需要进入市场来继续购买ETH。

在这种框架下，达到上限将使BitMine能够专注于表现，而不必承受持续的融资压力。Lee认为，固定的购买上限可以让公司在上涨过程中“跑赢ETH”，因为一旦积累结束，通常影响买入并持有策略的资本约束将被消除。

This logic also reveals why BitMine was active in the capital market during the establishment of the treasury. In June this year, the company launched a $300 million perpetual preferred stock offering. According to related reports, by early August, BitMine had also repurchased 16.1 million shares of common stock under a broader $4 billion repurchase program.

Completed position building during the bear market,"stopped stacking" and welcomed upside

Lee said that most of BitMine's ETH accumulation occurred during what he called a crypto bear market, emphasizing the company's ability to build positions when prices were low. He believes this approach allows BitMine to protect against downside risks while accumulating ETH, and contrasts it with the current stage-he describes BitMine's current state as "done stacking" ahead of a major upward movement in the market.

Whether or not people agree with Lee's reference to the magnitude of exercise, the view behind it is operational: the company's accumulation strategy is designed around a period during which they believe they can acquire ETH more effectively. Now, as companies reach (or approach) target shares, plans have shifted from increasing exposure to managing exposure.

It is worth noting that stopping spot purchases does not mean the end of the supply-weighted ownership story, as pledges change the composition of the treasury over time. Lee has previously said BitMine can manage its impact by selling the ETH it gets through pledge to keep its supply share no more than 5%.

Pledge is still a variable that investors should monitor

The 5% cap appears to apply to the share of ETH supply derived from purchases and total positions, but pledges introduce another mechanism that could expand positions. Even if BitMine stops buying, pledge rewards could increase the ETH balance unless the company uses proceeds to maintain the cap (a method Lee previously discussed).

For investors and traders, this means that information on the "hard cap" will be clear for new accumulation, but the actual results will depend on how BitMine handles pledge inflows and treasury management after suspending purchases. Therefore, the company's transparency in the future regarding pledges, withdrawals and any ETH sales it makes to maintain its 5% target will be key to whether it can always maintain its defense line.

On a broader level, BitMine's explicit cap reflects a company-level risk management perspective: Even as Ethereum's price and adoption continue to evolve, it limits concentration at the portfolio level. Readers should pay close attention to any updates that clarify how companies implement the cap under different pledge and market conditions-especially as ETH growth accelerates after accumulation ends.