BitMine Nears 5% Ethereum Supply Target, Weekly ETH Buying Could Soon End

BitMine Chairman Tom Lee said at TOKEN2049 in Singapore that the company is roughly 100,000 ETH away from its stated objective of holding 5% of Ethereum's total supply, after which it plans to stop accumulating. "This is a hard cap. We will not continue buying after 5%," Lee said. In its latest filing with the U.S. Securities and Exchange Commission (SEC), BitMine disclosed holdings of 6,016,414 ETH, about 4.9% of Ethereum's roughly 122.1 million token supply. The company has been purchasing ETH every week, calling its activity uninterrupted since it launched its Ethereum treasury strategy on June 30, 2025. Recent weekly additions included 27,562 ETH, then 17,362 ETH, followed by 15,112 ETH in the most recently reported week. BitMine's buying pace has also picked up from earlier stages: in April it bought 101,627 ETH in a single transaction, and in June it added another 76,881 ETH, tightening the gap to its long-term 5% target. The looming question for markets is what happens when that predictable demand fades. A halt in BitMine purchases would not automatically remove support for Ethereum or imply an ETH price decline, but it would eliminate a well-telegraphed marginal buyer. At current prices, the remaining ~100,000 ETH needed would translate to roughly $250 million to $270 million of additional buying. Once BitMine hits the 5% threshold, incremental demand will likely shift more heavily to corporate treasuries, ETFs, institutional investors, and native crypto participants. The company is already the largest corporate Ethereum treasury to date, and its weekly buying pattern has been unusually consistent.