BitMine to halt Ethereum purchases upon reaching 5% of circulating supply
BitMine Immersion Technologies, chaired by Tom Lee, announced it will stop buying Ether once its treasury reaches 5% of the circulating supply. The firm currently holds 6,016,414 ETH, about 4.9% of the 122.1 million coins in circulation, and needs roughly 100,000 more ETH to hit the cap. The announcement came at the TOKEN2049 conference and follows a weekly accumulation streak that began in June 2025.
Why it matters
The cessation of BitMine’s regular buying removes a major source of demand for ETH, which could pressure prices further as the market absorbs the loss of weekly inflows. BitMine’s stock (BMNR) fell about 7% on the news, reflecting investor reaction to the reduced growth narrative.
Key facts
- 1BitMine holds 6,016,414 ETH, representing roughly 4.9% of the circulating supply. econotimes.com
- 2The company needs about 100,000 ETH to reach the 5% threshold. coindesk.com
- 3BitMine has spent $41 million on recent ETH purchases. econotimes.com
- 4Unrealized losses on the ETH position total $4.5 billion. econotimes.com
- 5Approximately 5,067,309 ETH (about 84% of the treasury) are staked. cryptoticker.io
- 6Ethereum price fell 5% on the day, trading near $2,570. fxstreet.com
Open questions
- ETH price is reported as $2,570 (material 4) and $2,566.99 (materials 6 and 7).
- ETF outflow figures differ: $202 million reported for a single day (material 4) versus a cumulative $506.3 million over five days (material 6).
Summary written by AlphAI from 7 of 7 sources. Not investment advice. Figures are as stated by the linked sources.