Bitmine will end its Ethereum accumulation once its holdings reach 5% of the token's circulating supply, capping a year-long buying spree that has positioned the firm as one of the world's largest ETH holders, chairman Tom Lee said Wednesday at TOKEN2049 in Singapore.

The company needs roughly 100,000 more ETH to hit that ceiling, Lee said, putting the firm within weeks of closing out a treasury strategy launched in June 2025. "We thought this would take five years," Lee said. "It took us a little over a year."

Bitmine reported Monday that it held 6,016,414 ETH after purchasing another $41 million worth of the token last week. That stash represents approximately 4.9% of the 122.1 million ETH in circulation, valued at roughly $15.5 billion at Wednesday's price near $2,580.

What does the buying pause mean for Ethereum markets?

Ending accumulation would remove a consistent source of demand from spot ETH. Bitmine says it has purchased the token every week since launching its ether treasury strategy. The 5% cap functions as a self-imposed ceiling on a balance-sheet deployment that few public companies have matched in scale or pace.

At last week's purchase pace, acquiring the remaining 100,000 ETH would take roughly six to seven weeks, assuming prices stay broadly stable. The company also reported $643 million in cash and marketable securities, enough to cover the incremental purchase of about $258 million with room to spare.

The shift matters because Bitmine has functioned as a predictable, weekly bid since June 2025. Other treasuries, ETF issuers, and over-the-counter desks have been able to model the firm's flow against their own positioning. Removing that anchor reshapes how institutional demand gets priced into year-end.

How exposed is Bitmine to the current downturn?

The treasury firm carries substantial paper losses on its existing stack. DropsTab data put its unrealized losses at approximately $4.5 billion as of Wednesday, with most of the holdings acquired at higher prices during the 2024 bull market. Ether fell roughly 5% over the past 24 hours on Wednesday to its weakest level since September 20, outpacing Bitcoin's decline of about half that magnitude. BTC last held slightly above $83,000.

The combination of a self-imposed buying ceiling and a softening spot price narrows the path to breakeven on Bitmine's average cost basis. Even if the firm executes the remaining 100,000 ETH purchase on schedule, the resulting stack would still reflect entry prices well above current market levels.

What happens to the balance sheet after accumulation ends?

The 5% ceiling leaves open what Bitmine does with its roughly $15.5 billion ETH position once weekly buying stops. The firm has not publicly outlined a distribution policy, staking yield strategy, or governance framework for the holdings it retains.

Bitmine's next moves will set a precedent for the broader wave of digital asset treasury companies now forming around Ethereum and Bitcoin. The decision to halt at 5% rather than continue scaling suggests Lee views concentration risk, regulatory exposure, or both as a binding constraint on further accumulation, and the market will read the firm's first post-cap disclosure for confirmation.