Ethereum News: Tom Lee Says Bitmine to Soon Stop Buying ETH
Tom Lee said the firm will halt weekly purchases after reaching 5% of circulating supply, removing a steady source of ether demand.
- On Wednesday at TOKEN2049 in Singapore, Bitmine chairman Tom Lee announced the firm will stop accumulating Ether once its holdings reach 5% of the token's circulating supply.
- Bitmine has purchased Ether every week since June 2025, though much was acquired during last year's bull market at higher prices, leaving the firm with $4.5 billion in unrealized losses.
- Holding 6,016,414 Ether, Bitmine requires another 100,000 tokens to reach its 5% target. Lee said the purchase pace would take "six to seven more weeks" at current rates.
- Ether dropped nearly 4% to about $2,590 on Wednesday amid broader market weakness, as Bitmine's looming halt removes a major source of steady demand for the token.
- Bitcoin fell 2.4% to about $83,600 on Wednesday as $550 million in leveraged crypto bets were wiped out over 24 hours, reflecting cooled risk appetite across wider markets.
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BitMine, which already concentrates about 4.9% of Ethereum's circulating supply, will stop its purchases by reaching 5%, said its president, Tom Lee. The change could remove a persistent buyer from the market, although it does not itself determine the course of ETH's price.
Illustrative image Photo: PexelsEthereum's treasury company will stop buying Ether when it reaches 5% of the circulating offer
Ether is about to lose a steady buyer as Tom Lee says Bitmine will stop token purchases
Ether is about to lose a steady buyer as Tom Lee says Bitmine will stop token purchases Tom Lee said Bitmine will be “done stacking” once it owns 5% of ETH, setting an end date to an accumulation streak that began in mid-2025 and made the company the world's largest Ethereum treasury.
BitMine Sets 5% Ethereum Hard Cap as Bond Selloff Hammers Crypto Markets
BitMine Immersion Technologies is done buying ether — eventually. The company said it will stop accumulating the token once it… Read the original on BitMine Sets 5% Ethereum Hard Cap as Crypto Market Faces Major Selloff. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
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