Bitmine Plans to Halt ETH Purchases Upon Reaching 5% Circulating Supply

Tom Lee, Chairman of Bitmine, announced at the TOKEN2049 conference in Singapore that the company will cease its Ethereum (ETH) purchases once its holdings account for 5% of the circulating supply. Currently, Bitmine holds approximately 6,016,414 ETH, which represents about 4.9% of the total circulating supply of 122.1 million coins. Lee indicated that acquiring an additional 100,000 ETH would reach this threshold, a target he initially expected to achieve in five years but completed in just over a year during a bear market.

Last week, Bitmine invested around 41 million dollars in ETH, bringing its total holdings to a value of approximately 15.5 billion dollars based on Wednesday's price of about 2,580 dollars per coin. The company also reported having cash and securities totaling about 643 million dollars, which is more than sufficient to reach the 5% target. Since launching its Ethereum vault strategy in June 2025, Bitmine has been purchasing ETH on a weekly basis.

At the current rate of acquisition, it is estimated that Bitmine would need another six to seven weeks to buy the remaining ETH required to meet its goal. However, the company is facing unrealized losses of about 4.5 billion dollars on its holdings, as reported by DropsTab. As of the latest data, ETH was trading at approximately 2,571.64 dollars, having declined about 5% in the past 24 hours. Meanwhile, Bitcoin was valued at around 83,500 dollars, and Bitmine's BMNR token closed at about 26.20 dollars.

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Source: KLEA News