Speaking at TOKEN2049 in Singapore, BitMine Chairman Tom Lee said the company needs roughly another 100,000 ETH to reach its target of owning 5% of Ethereum's supply. After that, accumulation stops.
“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said.
BitMine’s latest SEC-filed update showed holdings of 6,016,414 ETH, equal to about 4.9% of Ethereum’s 122.1 million-token supply.
BitMine Has Been Buying ETH Every Week
The significance is not just the size of BitMine’s treasury, but the consistency of its purchases.
The company says it has bought ETH every week since launching its Ethereum treasury strategy on June 30, 2025. Its recent additions included 27,562 ETH, followed by 17,362 ETH and another 15,112 ETH in the latest reported week.
That makes BitMine one of the clearest recurring sources of corporate spot demand in the Ethereum market.
Its accumulation has also accelerated dramatically from the company's earlier stages. In April, BitMine made a single 101,627 ETH purchase, while a June transaction added another 76,881 ETH as the treasury moved closer to its long-standing 5% objective.
The company’s progression toward that target can be seen across its recent accumulation history.
What Happens When That Demand Disappears?
The end of BitMine’s buying does not automatically mean Ethereum loses support or that ETH prices must fall.
But it does remove a known marginal buyer.
At roughly 100,000 ETH remaining, BitMine's final purchases would represent around $250 million to $270 million at recent prices. Once the 5% threshold is reached, future demand will need to come increasingly from other corporate treasuries, ETFs, institutional investors and native crypto participants.
That matters because BitMine is already by far the largest corporate Ethereum treasury, and its purchasing cadence has been unusually predictable.
