BitMine Immersion Technologies · Ethereum · Singapore · CoinDesk
Ether is about to lose a steady buyer as Tom Lee says Bitmine will stop token purchases
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Ether ETH $2,578.14, the second-largest cryptocurrency, is about to lose one of its most persistent sources of demand as Ethereum-focused digital asset treasury firm Bitmine BMNR $24.76 · Market Closed will soon stop accumulating the token.
Key facts
- Ether ETH $2,578.14, the second-largest cryptocurrency, is about to lose one of its most persistent sources of demand as Ethereum-focused digital asset treasury firm Bitmine BMNR $24.76
- Market
- In its latest update, the company said Monday that it bought another $41 million in ETH last week, bringing its holdings to 6,016,414 ETH, or roughly 4.9% of the 122.1 million tokens in circulation
- The firm held $643 million in cash and marketable securities that it could use for further ETH purchases, according to the Monday update, more than twice the amount it would need to buy the remaining
- We only need to get another 100,000 ETF to get to 5%,” he said
Summary
Bitmine Chairman Tom Lee said the company will stop buying ether once its holdings reach 5% of the cryptocurrency’s circulating supply. Bitmine holds more than 6 million ETH, worth $15 billion or 4.9% of the supply, and needs roughly 100,000 more tokens to reach its target. Bitmine began its treasury strategy in June 2025, and its steady purchases may or may not have helped support ETH, which is down sharply since. Bitmine chairman Tom Lee, speaking Wednesday at TOKEN2049 in Singapore, said the firm will stop accumulating ETH once its holdings reach 5% of the token’s circulating supply, setting a hard ceiling on a buying spree that has made the company one of the world’s largest ETH holders.