Bitmine Immersion Technologies, the world's largest corporate holder of Ethereum, is approaching the end of its accumulation phase. Chairman Tom Lee stated on October 7 at the Token2049 conference in Singapore that the company will stop buying ETH once its holdings hit 5% of the circulating supply.
Details of the Announcement
Lee noted that Bitmine is roughly 100,000 ETH short of the target. The firm currently holds 6,016,414 ETH, representing about 4.9% of Ethereum's approximately 122.1 million tokens in circulation. At recent purchase rates, this threshold could be reached in six to seven weeks.
The company has maintained a consistent weekly buying program since launching its Ethereum treasury strategy on June 30, 2025. Its latest reported acquisition added roughly $41 million worth of ETH in the week ending October 4.
Implications for Ethereum Demand
The move establishes a firm cap on Bitmine's purchases, described by Lee as optimizing shareholder value and eliminating the need for further capital raises to fund accumulation. This development removes one of the most persistent sources of corporate spot demand for Ether in recent months.
Bitmine's strategy has positioned it as a major treasury holder, with the majority of its ETH staked. Lee highlighted that the accumulation occurred during a challenging market period, framing the completion as preparation ahead of potential future gains.
Context and Outlook
While the firm has not indicated plans to sell holdings, the end of net buying could influence short-term market dynamics for Ethereum. The announcement aligns with Bitmine's stated goal of the "Alchemy of 5%," shifting focus from growth in holdings to other aspects of its treasury management.
