Ethereum
Bitmine is approaching a 5% ceiling on its Ether holdings, with chairman Tom Lee saying the digital asset treasury firm will stop accumulating ETH once it reaches that threshold. The planned halt would end one of the more consistent sources of Ether demand since Bitmine began its treasury strategy in June 2025.
Bitmine’s latest update showed that the company purchased another $41 million of ETH last week, bringing its holdings to 6,016,414 ETH, equivalent to roughly 4.9% of Ethereum’s 122.1 million circulating tokens. At the price cited in the source, the holdings were worth about $15.5 billion.
Lee said Bitmine needs to acquire roughly another 100,000 ETH to reach the 5% threshold. Based on the company’s recent purchasing pace, reaching that level could take another six to seven weeks if accumulation continues at a similar rate.
The company also held $643 million in cash and marketable securities, according to its latest update, providing substantial capacity for additional purchases before the ceiling is reached. Once the 5% threshold is achieved, however, Bitmine’s weekly buying activity would no longer provide the same recurring source of demand for ETH.
The shift is notable because Bitmine says it has purchased ETH every week since launching its treasury strategy. Much of that accumulation occurred during the previous crypto bull market, leaving the company with substantial unrealized losses on its Ether position. Data cited in the source puts those losses at approximately $4.5 billion.
Ether was already facing selling pressure as Bitmine’s planned purchasing limit emerged. ETH fell 5% over the previous 24 hours to its weakest level since Sept. 20, underperforming Bitcoin during broader weakness across the crypto market.
The immediate market focus will therefore be whether Bitmine continues buying at its recent pace until reaching 5%, and how Ether demand responds once the company’s recurring accumulation comes to an end. The loss of a consistent buyer does not determine ETH’s direction by itself, but it removes one identifiable source of demand from the market.
