BitMine Immersion Technologies has turned its Ethereum accumulation goal into a hard ceiling, announcing at TOKEN2049 in Singapore that it will not own more than 5% of ETH supply.
Chairman Tom Lee said the company holds approximately 6,016,414 ETH, equal to about 4.9% of Ethereum’s 122.1 million-token circulating supply, and needs roughly 100,000 more ETH to reach the cap. “That is a hard cap. We are not going to accumulate beyond 5%,” Lee stated. “We are not going to own more than 5% of Ethereum.”
The final purchases would represent around $250 million to $270 million at recent prices. Lee said most of BitMine’s ETH was bought during a bear market and that the company is “done accumulating ahead of a 25x move.”
The announcement closes a door that had been left open in August, when Lee suggested a 2027 review could allow exceeding 5% depending on Ethereum adoption. Now, the cap is definitive.
BitMine has been a highly predictable corporate buyer, purchasing ETH every week since launching its treasury strategy on June 30, 2025. Recent weekly additions included 27,562 ETH, 17,362 ETH and 15,112 ETH, while earlier large buys totaled 101,627 ETH in April and 76,881 ETH in June.
Lee argued the cap removes the need to raise additional capital and could help the stock outperform ETH on the upside. The company also completed a $300 million perpetual preferred stock offering in June and repurchased 16.1 million ordinary shares under its $4 billion buyback program.
Even after direct purchases stop, staking rewards could increase the company’s ETH position, so BitMine may sell staking-generated ETH to avoid exceeding 5%. The end of its buying removes a known marginal buyer, though it does not guarantee lower ETH prices.
