Analysis: BitMine nears the end of its continuous accumulation, ETH may lose a stable buyer.

October 7 — CoinDesk analyst Krisztian Sandor said that Tom Lee, chairman of Ethereum treasury company BitMine, stated at the TOKEN2049 conference in Singapore that the company will stop buying once its ETH holdings reach 5% of the circulating supply, and it is currently about 100,000 ETH away from the target. The company's latest disclosure shows it holds 6,016,414 ETH, about 4.9% of the circulating supply, worth about $15.5 billion at Wednesday's price.

BitMine added about $41 million worth of ETH last week. If this purchase pace is maintained, it is expected to take another six to seven weeks to reach the 5% target. The company also holds $643 million in cash and marketable securities, which at current prices is more than twice the funds needed to complete the remaining purchases. Lee said the accumulation goal originally expected to take five years is nearing completion in just over a year.

BitMine said that since launching its ETH treasury strategy in June 2025, the company has bought every week, providing sustained demand to the market. Lee said the purchases were completed in a bear market, but a large number of purchases occurred during last year's bull market at higher prices. DropsTab data shows that the company's ETH holdings currently have an unrealized loss of about $4.5 billion. ETH fell about 5% in the past 24 hours on Wednesday, dropping to its lowest level since September 20.