Ethereum News: BitMine to Stop ETH Buying After Reaching 5% Supply Target

BitMine held approximately 6.02 million ETH, representing around 4.9% of Ethereum’s total supply, as of October 4. Chairman Tom Lee said the company will stop accumulating ETH after reaching its self-imposed 5% ownership limit.

In Ethereum news this week, BitMine Immersion Technologies disclosed that it owned 6,016,414 ETH on October 4, accounting for roughly 4.9% of the cryptocurrency’s circulating supply. Lee confirmed that the company intends to end its purchases once its holdings reach the 5% threshold, estimating that it needs to acquire about another 100,000 ETH to meet the target.

BitMine’s consistent weekly ETH purchases have become a central element of its Ethereum treasury strategy. According to the company, it has purchased Ethereum every week since launching the strategy on June 30, 2025. The 5% cap now establishes a defined endpoint for this buying pattern, although BitMine has not specified when it expects to reach that milestone.

Consequently, the company’s regular ETH purchases have become significant not only for the expansion of its treasury but also for the recurring demand they generate in the Ethereum market.

BitMine’s October 4 disclosure identified its ETH holdings at 6,016,414 tokens and placed the relevant Ethereum supply at approximately 122.1 million. Based on those figures, the company controls about 4.9% of the total supply, putting it close to its announced ownership limit.

However, Lee’s estimate that approximately 100,000 ETH remain before reaching the cap is a rounded figure rather than an exact calculation. Applying the 5% target to the reported supply of 122.1 million ETH and subtracting BitMine’s existing holdings produces a remaining gap of approximately 88,586 ETH. The difference reflects the assumptions used in the calculation and the rounded supply estimate.

The latest Ethereum developments also coincide with weakness in BitMine’s stock valuation relative to its underlying ETH holdings. BMNR shares closed at $24.19 on October 8, declining 5.9% during the session. The company’s estimated net asset value stood at $26.51 per share, placing the stock at an 8.8% discount, with its market net asset value ratio (mNAV) at 0.91x.

Meanwhile, ETH traded near $2,539, down 1.5% over the previous 24 hours and below the approximately $2,700 level seen in early October.

BitMine also reported purchasing 15,112 ETH during the preceding week. Given the substantial size of its Ethereum treasury, the remaining distance to its 5% target has become an important consideration for investors tracking the company’s accumulation strategy.

Ethereum News: Staking and Capital Allocation After the 5% Cap

BitMine’s Ethereum strategy extends beyond acquiring additional tokens. In its October 4 disclosure, the company reported that 5,067,309 ETH had been staked, representing approximately 84% of its total holdings of around 6.02 million ETH.

The company projected annualized staking revenue of $363 million and estimated that annualized rewards could reach approximately $431 million at scale. These figures represent BitMine’s projections rather than revenue already earned or guaranteed returns. Nevertheless, they highlight the potential importance of staking income and treasury management if the company eventually suspends its spot ETH purchases.

Lee reiterated that BitMine acquired 15,112 ETH over the previous week and has maintained weekly purchases since introducing its Ethereum Treasury Strategy on June 30, 2025. He also characterized the company’s consistent cryptocurrency accumulation record as unmatched among publicly traded companies.

As BitMine approaches its 5% ownership ceiling, the focus is likely to shift from the pace of ETH purchases to how the company manages its existing holdings. Staking operations, capital allocation and the generation of treasury income could become increasingly important areas of interest. However, BitMine has not yet announced a specific strategy for the period after it reaches its accumulation limit.

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