BitMine Says It Will Stop Buying ETH at 5% of Supply

BitMine Immersion Technologies plans to stop buying ether once its holdings reach 5% of the cryptocurrency’s supply, Chairman Tom Lee said at the TOKEN2049 conference in Singapore. The company is near that threshold, with about 6.02 million ETH, or roughly 4.9% of supply, according to a company update dated October 4. Lee said BitMine needs roughly another 100,000 ETH to reach its target. The plan marks a stated endpoint for the company’s accumulation strategy, which began in June 2025. The reports do not establish that BitMine has reached the 5% level or stopped purchasing. Lee described the cap as a limit on buying, rather than an indication that the company will sell its existing holdings. Lee said that ending purchases would also mean BitMine no longer needs to raise money to fund further ETH acquisitions. His comments linked the cap to reducing the need for additional fundraising, though the company’s future financing decisions were not detailed. The remaining amount is approximate: reports put it at about 100,000 ETH, while one account gave a lower estimate of 89,000. BitMine reported holding 6,016,414 ETH as of October 4, about 4.9% of supply.