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Ethereum could soon lose one of its biggest sources of consistent buying pressure as Bitmine prepares to end its ETH accumulation strategy after reaching 5% of the cryptocurrency’s circulating supply.
Bitmine Chairman Tom Lee said Wednesday at TOKEN2049 in Singapore that the Ethereum treasury company will stop purchasing ETH once it hits its long-standing 5% target.
“We only need to get another 100,000 ETH to get to 5%,” Lee said. “Now we're going to stop.”
Bitmine is already close to reaching that threshold. The company said Monday that it purchased another $41 million worth of Ethereum last week, lifting its holdings to 6,016,414 ETH. That represents roughly 4.9% of the approximately 122.1 million ETH currently in circulation.
At Ethereum’s Wednesday price of around $2,580, Bitmine’s holdings are valued at approximately $15.5 billion.
Lee said the company initially expected it would take five years to reach its accumulation goal. Instead, Bitmine approached the target in just over a year, despite much of the period coinciding with a crypto bear market.
Based on its recent purchasing pace, Bitmine could acquire the remaining 100,000 ETH within six to seven weeks. The company reported holding $643 million in cash and marketable securities, giving it more than enough liquidity to complete the purchases at current Ethereum prices.
Bitmine has provided a steady source of ETH demand since launching its Ethereum treasury strategy in June 2025, saying it has purchased the cryptocurrency every week since then.
However, the strategy has also generated significant paper losses. Bitmine’s ETH portfolio currently carries approximately $4.5 billion in unrealized losses, according to DropsTab data, after many purchases were made at higher prices during the previous crypto bull market.
Ethereum was already facing selling pressure Wednesday. ETH dropped about 5% over 24 hours to its lowest level since September 20, underperforming Bitcoin as weakness spread across the broader cryptocurrency market.
