Bitmine (NYSE: BTMN) Set To End Ethereum Buying Spree As Tom Lee Signals 5% Supply Cap Is Within Reach

Bitmine (NYSE: BTMN) chairman Tom Lee announced at the Token2049 conference in Singapore that the firm will permanently halt its Ethereum accumulation once it reaches 5% of the token’s circulating supply.

Lee told the Singapore audience that Bitmine sits approximately 100,000 ETH short of that threshold, placing the end of its buying program roughly six to seven weeks away.

The company currently holds 6,016,414 ETH, representing approximately 4.9% of Ethereum’s circulating supply, making it the world’s largest Ethereum treasury company.

Bitmine added around $41 million worth of ETH in a single week as it pressed toward what it internally brands the “Alchemy of 5%.”

“We only need to get another 100,000 ETH to get to 5%,” Lee said on stage at Token2049. “Now we’re going to stop.”

Lee described the 5% figure as a strategic ceiling rather than an aspirational target, framing it as a discipline that best serves shareholders rather than a limitation imposed from outside.

“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said. “We’re not gonna own more than 5% of Ethereum.”

The firm has purchased Ethereum every week since launching its treasury strategy in June 2025, providing one of the cryptocurrency market’s most consistent and reliable sources of buying pressure throughout that period.

The coming halt carries real significance for Ethereum’s broader market structure, as Bitmine’s steady weekly demand has functioned as a durable bid beneath the token during periods of volatility.

Lee has previously indicated the company could sell ETH earned through staking to prevent its supply share from drifting above the 5% ceiling even passively.

The firm currently carries roughly $4.5 billion in unrealized losses, having accumulated much of its holdings at higher bull-market prices during its aggressive accumulation phase.

Once the cap is reached, the sustained buying program that defined Bitmine’s market presence for over a year will draw to a close, removing a significant and predictable source of Ethereum demand from the market.