Key Takeaways
- Bitmine is nearing its 5% ETH supply cap after accumulating about 6 million ETH in just over a year.
- The company has staked roughly 86.5% of its treasury, shifting focus from buying to productive ETH use.
- Once Bitmine stops buying, ETF flows and staking demand will matter more for ethereum’s next phase.
Bitmine Is 100,000 ETH Away From Buying Goal
Bitmine’s relentless ethereum buying spree is almost over.
Speaking at TOKEN2049, Tom Lee said the company has imposed a hard cap of 5% of ethereum’s total supply and will stop accumulating ETH once that threshold is reached.
Bitmine holds roughly 6 million ETH, 4.9% of supply, at the time of Lee’s remarks. He said the company needs only about 100,000 ETH more to reach its target.
“We said we have a 5% hard cap. We’re not going to own more than 5% of ethereum,” Lee said. “That’s something that Vitalik kind of asked us to stop at 5%.”
A Five-Year Plan Finished in Just Over a Year
The speed of Bitmine’s accumulation has been striking.
Lee said the company originally expected the strategy to take around five years. Instead, it reached 4.9% of ethereum’s supply in just over a year.
“We thought this would take five years. It took us a little over a year,” Lee said. “More importantly, we did this all in the middle of a bear market.”
Bitmine bought aggressively while ETH prices were depressed, including substantial purchases around $1,500, according to Lee. The company’s strategy has turned it into one of the most concentrated corporate holders of ethereum in the crypto market.
Bitmine Keeps Buying as the Finish Line Nears
The company has continued adding ETH even as it approaches the cap.
On Oct. 19, Bitmine added another 12,535 ETH, lifting total holdings to 6,041,481 ETH, then worth nearly $14.5 billion.
Two days later, the company staked another 159,728 ETH, worth roughly $390.6 million.
That pushed the share of Bitmine’s treasury deployed into staking to about 86.5%, showing that the strategy is increasingly focused on making its ETH productive rather than simply holding it.
What Happens After Bitmine Stops Buying?
The looming end of Bitmine’s purchases matters because its demand has been one of the most persistent institutional bids in ethereum. Once the 5% ceiling is reached, that buying pressure disappears.
For ETH investors, the question becomes whether exchange-traded fund (ETF) demand, staking growth, and broader institutional adoption can replace Bitmine as a marginal buyer.
Lee also highlighted Bitmine’s inclusion in the Russell 1000, arguing that its stock offers institutions a direct listed-market route into ethereum exposure.
Bitmine may be about to stop buying ETH, but its influence on ethereum’s institutional narrative is unlikely to end there.
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