Ether is about to lose a steady buyer as Tom Lee says Bitmine will stop token purchases

Bitmine’s chairman, Tom Lee, told attendees at TOKEN2049 in Singapore that the company will halt its ether purchases after its treasury reaches 5% of ETH’s circulating supply. The firm’s most recent disclosure showed holdings of 6,016,414 ETH, leaving roughly 100,000 ETH to reach the self-imposed ceiling. Lee noted the accumulation plan, which began in June 2025, reached that near-target faster than expected. Bitmine reported buying another $41 million of ETH in the previous week, and at ether’s mid-week price near $2,580 the company’s stake was worth about $15.5 billion. The firm also disclosed about $643 million in cash and marketable securities, more than double the amount needed to acquire the remaining ETH at current prices. The accumulation strategy delivered unusually steady demand for ether: Bitmine has said it purchased ETH every week since launching the treasury program in mid-2025. Market data compiled by DropsTab shows the firm’s holdings currently carry about $4.5 billion in unrealized losses because many acquisitions occurred at higher prices during last year’s bull market. Ether’s market was under pressure at the time of the announcement. ETH slid about 5% over the prior 24 hours to its weakest level since Sept. 20, falling nearly twice as much as bitcoin amid broader crypto-market weakness. At the buying pace reported last week, Bitmine would need roughly six to seven weeks to buy the remaining ~100,000 ETH, assuming similar purchase flow continued.