- Bitmine Chairman Tom Lee said the company will stop accumulating Ethereum once its holdings reach 5% of ETH’s circulating supply.
- Bitmine currently holds 6,016,414 ETH, slightly more than 4.9% of the 122.1 million circulating supply, leaving it roughly 100,000 ETH short of its target.
- Ethereum fell 5% over the past 24 hours to around $2,565 as the market reacted to Bitmine’s plans and rising U.S. Treasury yields.
Bitmine Immersion Technologies plans to stop buying Ethereum once its holdings reach 5% of the cryptocurrency’s circulating supply, setting a hard ceiling on one of the market’s largest corporate ETH accumulation strategies.
Chairman Tom Lee confirmed the plan during a conference in Singapore, saying Bitmine is now approximately 100,000 ETH away from reaching its target.
“We only need to get another 100,000 ETH to get to 5%,” Lee said. “Now we’re going to stop.”
Bitmine currently holds 6,016,414 ETH, representing slightly more than 4.9% of Ethereum’s 122.1 million circulating supply. The position is currently valued at approximately $15.5 billion.
Bitmine Nears Its 5% Ethereum Target
Bitmine has accumulated Ethereum every week since launching its crypto treasury strategy in June 2025.
The company purchased another $41 million worth of ETH over the past week, bringing its holdings above 6 million tokens.
Lee said Bitmine originally expected reaching the 5% target to take significantly longer.
“We thought this would take five years,” Lee said. “It took us a little over a year. More importantly, we did this all in the middle of a bear market.”
Analysts expect the company to reach its 5% target before the end of the year.
Once that happens, Bitmine plans to stop accumulating ETH, removing one of Ethereum’s most consistent corporate buyers from the market.
Ethereum Falls 5% Following Announcement
Ethereum dropped approximately 5% over the past 24 hours to around $2,565 following news that Bitmine intends to end its accumulation program.
The level marks ETH’s lowest price since Sept. 20.
Bitmine’s buying has provided steady demand for Ethereum throughout the year, making the approaching end of its accumulation strategy a development closely watched by the market.
The company’s purchases have grown its treasury to more than 6 million ETH in a little over a year.
Rising Treasury Yields Add Pressure
Ethereum is also facing pressure from rising U.S. Treasury yields.
The benchmark 10-year Treasury yield climbed eight basis points to 5.35%, its highest level since 2002.
The move comes as the U.S. Treasury prepares to auction $39 billion of 10-year notes on Oct. 7, with traders watching demand for government debt.
Higher yields can pressure risk assets by increasing the returns available from lower-risk investments.
Bitmine shares have also struggled, declining 55% over the past 12 months to approximately $26.20.
