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ETH Key facts
Bitmine Chairman Tom Lee said at the Token2049 conference in Singapore on Wednesday that when the company's ETH holdings reach 5% of its circulating supply, it will stop purchasing. This marks a "hard cap" for continuous weekly buying since June 2025.
Currently, Bitmine holds 6,016,414 ETH, accounting for approximately 4.9% of the circulation supply, and needs to purchase approximately 100,000 additional tokens. Lee estimates that at last week's buying pace, it will take six to seven weeks to complete the goal.
Within an hour of Lee's comments, Ethereum prices fell by 5%-6%, and the market re-priced after losing one of its most stable buyers.
Sources of demand are about to change
Ethereum is about to lose one of its most consistent sources of demand. Bitmine Immersion Technologies has bought Ethereum (ETH) every week since launching its treasury strategy in June 2025, building the world's largest enterprise-level ETH position during this period.
Chairman Tom Lee said on Wednesday that this continued buying trend is coming to an end.
At the Token2049 conference in Singapore, Lee revealed to Decrypt that once Bitmine holds 5% of its circulating supply, the company will stop accumulating ETH. "We only need to get another 100,000 ETH to reach 5%." "We will stop buying at that time," he said.
Calculation of Bitmine remaining time
Bitmine currently holds 6,016,414 ETH units, accounting for approximately 4.9% of its circulating supply, and has purchased approximately US$41 million worth of ETH in the past week. At this rate, it will take approximately six to seven weeks to fill the remaining gap to reach the 5% target.
Lee called the 5% level a rigid cap for the company and pointed out that the limit was designed to optimize shareholder value rather than suspended before further purchases.
"We thought it would take five years to reach this threshold." Lee said. Since it began buying ETH in June 2025, the actual progress has been much faster than the company's original planned timetable.
News causes ETH to fall
Within an hour of Lee's comments, Ethereum prices fell about 5% and were trading close to $2,560. The market is shaken by the possibility of losing a buyer who has continued to absorb large amounts of ETH over the past year or so.
Bitmine calls this advancement process "the alchemy of 5%" and its growth is rapid: the company held approximately 3.24 million ETH units in October 2025, and has almost doubled the total in the past year. The process also saw it move from NYSE American to the main board of the New York Stock Exchange in April.
This accumulation has made Bitmine the world's largest enterprise-level ETH holder. Most of its ETH is pledged through its own platform MAVAN, and Bitmine also used the funds to conduct share buybacks in weeks of reducing ETH purchases.
