Bitmine Immersion Technologies is preparing to end its steady Ethereum accumulation. Speaking Wednesday at the Token2049 conference in Singapore, Chairman Tom Lee said the company will stop buying ETH once its holdings reach 5% of the token’s circulating supply.
Lee said Bitmine is about 100,000 ETH away from that mark. At last week’s pace, he said, the company would need about six to seven more weeks of buying before it stops.
"We thought this would take five years," Lee said on stage. "It took us a little over a year. More importantly, we did this all in the middle of a bear market. Now we’re going to stop."
5% set as Bitmine’s hard cap
Bitmine has branded the target the "Alchemy of 5%." In its latest disclosure, the NYSE-listed company said it holds 6,016,414 ETH, equal to about 4.9% of circulating supply, making it the world’s largest Ethereum treasury company.
Lee described the 5% level as Bitmine’s "hard cap" and said the limit is meant to optimize shareholder value. The company added roughly $41 million in ETH last week as it moved closer to that goal.
Bitmine has purchased Ethereum every week since launching its treasury strategy in June 2025. That buying created a dependable source of demand through a volatile stretch for the asset.
The approaching halt stands out because it removes a buyer that has consistently absorbed ETH from the market for more than a year.
Company may sell staking rewards to stay under the cap
Lee has previously indicated that Bitmine could sell Ethereum earned through staking if those rewards push its share of circulating supply above the 5% ceiling.
Large paper losses remain
The milestone comes with Bitmine still deep underwater on paper. According to tracking data cited in the report, the company’s ETH holdings carry roughly $4.5 billion in unrealized losses because much of the accumulation took place last year during the bull market at higher prices. Ethereum was trading near $2,570 on Wednesday.
ETH was down 5.5% on the day, falling more than most major crypto assets. The drop accelerated during Asian trading hours, around the time Lee made his remarks.
A five-year plan completed in just over a year
Even so, Lee presented the milestone as an achievement. What Bitmine initially expected to complete over five years was finished in a little more than one year. Once the company reaches the 5% ceiling, its defining Ethereum buying campaign, and the market demand tied to it, will come to an end.