BitMine Immersion Technologies (NYSE: BMNR), the largest corporate buyer of Ethereum (CRYPTO: ETH), is weeks away from hitting its self-imposed purchasing limit, raising urgent questions about who steps in next.
Chairman Tom Lee revealed at the TOKEN2049 conference in Singapore on October 7, 2026, that BitMine will halt all ETH purchases once it controls 5% of the total circulating supply.
With approximately 100,000 ETH remaining to acquire, valued at roughly $250 million, the company is within striking distance of that threshold.
Lee was direct about the timeline, stating, “We only need to get another 100,000 ETH to get to 5%. Now we’re going to stop.”
At its current pace of accumulation, BitMine could complete that final round of buying within six to seven weeks, removing the market’s single most consistent source of institutional demand.
BitMine currently holds approximately 6 million ETH, worth around $15 billion, representing roughly 4.9% of the 122 million Ether in active circulation.
Markets reacted swiftly to Lee’s announcement, with Ether’s price dropping around 5% and BitMine’s own shares declining 6% in the immediate aftermath.
As of October 9, 2026, ETH was trading near $2,505, reflecting an 8.8% decline over the prior week and sitting nearly 49% below its August 2025 peak of $4,946.
The timing of BitMine’s exit could not be more difficult, as spot Ethereum ETFs have shifted from a source of demand into a source of selling pressure.
According to SoSoValue, investors pulled money from spot Ethereum ETFs for eight consecutive sessions beginning September 28, with outflows continuing through October 9.
The net assets held across these funds fell from $17.69 billion on October 5 to $15.64 billion, reflecting both investor withdrawals and the declining value of ETH held within those funds.
Staking activity offers little relief, as the process of locking up Ether to support the network does not introduce new buyers into the open market.
Roughly 800,000 ETH, worth approximately $2 billion, is currently queued to be released back to stakers, some of whom may choose to sell upon receiving their coins.
Smaller treasury firms that mirror BitMine’s model of raising capital and converting it into ETH exist but operate at a far smaller scale, unable to compensate for the volume BitMine has driven.
The clearest path to renewed price support lies in a reversal of ETF outflows, as these vehicles have the capacity to rapidly channel billions of dollars back into Ethereum.
Analysts at Citi have projected a price target of $3,028 for ETH, though that scenario depends heavily on demand returning to the market once BitMine steps back from buying.
Until ETF inflows recover and push net assets back above $17.69 billion, the market faces a meaningful structural gap in institutional buying that smaller players are poorly positioned to fill.
