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ETH BitMine approaches its target of holding 5% of total Ethereum supply
During the TOKEN2049 event in Singapore, comments by BitMine Chairman Tom Lee suggested that the company is gradually approaching its high-profile goal of holding 5% of total Ethereum (ETH) supply. Lee said that in order to achieve this milestone, the company will need to purchase approximately 100,000 additional ETH units, after which its accumulation strategy will officially end.
Moving towards the 5% ETH target
According to the latest filing with the U.S. Securities and Exchange Commission (SEC), BitMine currently holds 6,016,414 ETH units, accounting for approximately 4.9% of Ethereum's total circulation of 122.1 million units. This puts the company just one step away from its self-imposed cap.
Lee emphasized the finality of the company's accumulation plan, making it clear that no ETH purchases will be made after reaching 5%. "This is a hard cap and we will not continue to accumulate beyond 5%," said BitMine Chairman Tom Lee.
Since launching a dedicated treasury strategy on June 30, 2025, BitMine has maintained a stable pattern of weekly acquisitions of ETH. Recently disclosed transactions include purchases of 27,562, 17,362 and 15,112 ETH units respectively for several consecutive weeks.
Corporate demand drives the market
This disciplined accumulation behavior has made BitMine one of the most regular corporate buyers on the Ethereum spot market. In recent months, BitMine's acquisition rate has accelerated significantly. In April this year, the company executed a single purchase of up to 101,627 ETH units, followed by an additional 76,881 ETH units in June, further boosting its progress towards the 5% target.
As the largest known corporate holder of Ethereum, BitMine's activities have attracted special attention among market observers, not only because of its sheer size, but also because of the reliability of its buying model over the past year. As BitMine gradually approaches its goal, it will cost approximately $250 million to $270 million to complete the final stage of purchases based on recent market prices. Observers point out that once the 5% level is reached, subsequent supply of Ethereum's spot demand will need to be provided by other institutional participants, such as exchange-traded funds (ETFs), corporate vaults and active cryptocurrency market participants.
Shifts in market dynamics
While some may speculate on the potential impact of BitMine stopping accumulation, market analysts warn that this will not necessarily weaken Ethereum's broader support base. Other players may step in to absorb spot supplies, especially since ETH remains a favored asset for institutional investors.
BitMine's stable buying behavior makes it a typical representative of significant corporate demand in the Ethereum market, and its holdings now constitute the largest ETH treasury position among global companies. Technical analysts monitoring spot flows also point to the growing influence of other segments, such as the Meme Token market, where rapid capital flows have become the norm. For example, Fomo App data highlighted a case involving the "Niu Lai" token: an initial investment of $99 grew to approximately $370,000 in just a few days. Such activities highlight the importance of monitoring investor timing and token selection, and the Fomo App addresses these issues through integrated token discovery, transaction notification, social dynamics and investor ranking tools.
As market participants pay close attention to the final stages of BitMine's accumulation strategy, attention is turning to the sources of future demand that will determine Ethereum's long-term trajectory.
