12h16 ▪ 5 min read ▪ by Evans S.
Summarize this article with:
BitMine is approaching the end of one of the largest crypto accumulation campaigns conducted by a company. Tom Lee states that the company will stop buying Ethereum when it reaches 5% of the ETH supply. BitMine already holds 6,041,481 ETH, or about 4.9% of the 122.1 million ETH used as reference. At a constant supply, about 63,500 ETH still separate it from its cap.
In Brief
- BitMine plans to stop its ETH purchases once 5% of the supply is reached.
- The company already holds 6.04 million ETH, about 4.9% of the supply.
- Staking is now becoming a core part of its crypto strategy
BitMine reaches the end of its Ethereum crypto accumulation
The program started on June 30, 2025. Fifteen months later, BitMine is almost there. The company still had 5.93 million ETH in early September. As of October 18, its reserves reached 6,041,481 ETH.
The progress continues, but much more slowly. BitMine only bought 12,535 ETH during its last published week. However, the company claims not to have missed any buying week since the launch of its Ethereum strategy.
This should stop soon. At TOKEN2049, Tom Lee explained that 5% is a hard cap. He also stated that Vitalik Buterin encouraged him not to exceed this level.
The exact figure obviously depends on the total supply of the ETH crypto at the time BitMine reaches its goal. Based on the 122.1 million ETH currently used by the company, 5% represents about 6.105 million ETH. With 6.041 million already held, the gap becomes minimal.
Over 14 billion $ of ETH accumulated in fifteen months
The pace gives an idea of the scale of the operation. At the reference price of 2,365 dollars used in its October 19 statement, the ETH held by BitMine were worth about 14.3 billion dollars. Adding its bitcoins, cash, securities, and several investments, the company valued its entire crypto, cash, and equity assets at about 15.1 billion dollars.
BitMine has thus become by far one of the largest publicly traded Ethereum treasuries. The company had already announced in the spring that it would gradually slow its ETH purchases. At the time, the goal still seemed relatively distant. Since then, several hundred thousand additional tokens have entered its reserves.
The potential market impact comes mainly from the regularity of this demand. BitMine has bought ETH every week for over a year. Some periods saw several tens of thousands of tokens enter in a few days.
Once 5% is reached, this recurring source of purchases must disappear. This does not automatically mean a drop in ETH. ETFs, staking, companies, and investors can continue to absorb the available supply. But one of the most regular corporate buyers will no longer be there to add tokens week after week.
Staking gradually replaces crypto purchases
BitMine is already preparing the next step. Of its 6.04 million ETH, 5,067,309 are placed in staking, or about 84% of its reserve. The company no longer only wants to accumulate Ethereum. It now seeks to generate income with the assets it already holds.
At the yield recently observed, BitMine estimates its annualized staking income at about 309 million dollars. If all its ETH were eventually placed in staking via its partners and MAVAN, its in-house infrastructure, the company projects about 369 million dollars of annualized rewards. This figure remains an estimate: Ethereum yields can vary.
This direction was already visible when BitMine had raised its share of the ETH supply to 4.8%. The company was simultaneously strengthening its exposure to staking and network infrastructure. The crypto strategy is therefore changing in nature. For fifteen months, the priority was to buy as quickly as possible until approaching 5%. The next phase will rely more on yields, validators, and the productive use of this reserve. BitMine will not leave Ethereum once its cap is reached. It will simply stop piling up more.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.