By BitMine Immersion Technologies plans to stop purchasing Ethereum once its holdings reach 5% of the cryptocurrency’s circulating supply, Chairman Tom Lee announced on October 7, marking a significant change in the company’s digital-asset treasury strategy. Speaking at the TOKEN2049 conference in Singapore, Lee described the threshold as a firm limit on further accumulation. BitMine currently holds 6,016,414 ETH, equivalent to approximately 4.9% of Ethereum’s 122.1 million circulating tokens, according to its October 5 corporate disclosure.
The company needs approximately 88,600 additional ETH to reach the target using its latest reported supply figures. Lee estimated the remaining requirement at roughly 100,000 ETH and suggested the company could complete its accumulation within six to seven weeks. The announcement comes as Ethereum faces renewed selling pressure, with ETH trading near $2,570 on October 7, approximately 5% lower during the session.
BitMine Approaches Its 5% Ownership Ceiling
BitMine began its Ethereum treasury strategy on June 30, 2025, and has purchased ETH every week since then. The company originally expected its accumulation objective, branded the “Alchemy of 5%,” to take approximately five years. Instead, it has approached the target in just 15 months. During the week ending October 4, BitMine acquired another 15,112 ETH, extending its uninterrupted purchasing streak. At the company’s October 4 reference price of $2,726 per ETH, its Ethereum holdings were worth approximately $16.4 billion. Its broader portfolio, including cryptocurrency, cash, marketable securities and strategic investments, totaled approximately $17.4 billion.
BitMine also reported $643 million in cash and marketable securities, providing sufficient liquidity to finance the remaining purchases at recent market prices without necessarily raising additional capital. The company is currently the largest publicly traded corporate Ethereum treasury holder, with a position considerably larger than those maintained by other listed ETH accumulation companies. Its rapid expansion has also created substantial exposure to Ethereum’s price fluctuations. Market estimates indicate BitMine’s holdings carried approximately $4.5 billion in unrealized losses as of October 7, reflecting the decline in ETH prices relative to the company’s accumulated acquisition costs. Those losses remain unrealized unless the company disposes of assets below their purchase prices.
Staking Revenue Becomes Increasingly Important
The approaching purchase ceiling could change BitMine’s role in the Ethereum market. Rather than continuing to accumulate ETH indefinitely, the company is expected to place greater emphasis on generating returns from its existing holdings. As of October 4, BitMine had staked 5,067,309 ETH, representing approximately 84% of its total Ethereum position.
The company reported a seven-day annualized staking yield of 2.63%, with current annualized staking revenue estimated at approximately $363 million. BitMine projects that annual staking rewards could reach $431 million once additional ETH is deployed through its staking infrastructure, including its Made in America Validator Network, or MAVAN. These figures are projections based on prevailing yields, not guaranteed future earnings.
For Ethereum, the eventual cessation of BitMine’s purchases could remove a consistent source of demand that has absorbed tokens throughout the past year. However, reaching the 5% ceiling would not automatically trigger liquidation of its existing holdings. Lee’s comments concern stopping additional purchases, not selling the company’s treasury. BitMine could also continue receiving staking rewards, potentially requiring adjustments to maintain its ownership limit. The announcement therefore marks a transition from aggressive accumulation toward managing and generating income from one of the largest concentrated Ethereum holdings in the market.