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Bitmine's Relentless Ethereum Buying Is About to End, Tom Lee Says

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Tom Lee said at Token2049 in Singapore that Bitmine is approaching a self-set cap on ETH purchases and is roughly 100,000 ETH away from it. Bitmine’s reported holdings were above 6 million ETH as of Oct. 4, and the 5% threshold would mark the end of the buying program.

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Key claims & sources

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At Token2049 in Singapore, Tom Lee said Bitmine is about 100,000 ETH away from its planned 5% ceiling.
Bitmine's Relentless Ethereum Buying Is About to End, Tom Lee Says
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Lee said the remaining amount before the cap is roughly 100,000 ETH, which he framed as about six to seven weeks.
Bitmine's Relentless Ethereum Buying Is About to End, Tom Lee Says
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Lee said Bitmine’s buying would stop once it reaches 5% of circulating ETH supply.
Tom Lee says Bitmine is 100,000 ETH away from ending its buying spree
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Bitmine reported holdings of 6,016,414 ETH as of Oct. 4.
BitMine Will Stop Buying ETH at 5% of Supply, Tom Lee Says

What it means

Users and market watchers who have tracked Bitmine’s accumulation now have a clearer endpoint to watch: the 5% supply cap Lee described. That matters today because it places the next phase around how close the company is to that threshold rather than around open-ended buying, with the timing tied to the six-to-seven-week estimate he gave in Singapore.

Market reaction i

EthereumETH the event is about this asset

Ethereum fell 0.1% in the 4 hours after the first headline, after falling 0.2% in the 2 hours before.

$2,560 price at the headline
-0.2% 2 h before
-0.1% 4 h after
+0.9% 12 h after
First headline

49 prices, one every 30 minutes · The move was larger before the first headline than after: an observation, not an explanation. The market also moves on things nobody publishes.

Coverage timeline

Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.

first
Oct 7 14:55
+44 min
Oct 7 15:39
Crypto Briefing adds
Brings into the story: ETH, with quotes
+1 h 47 m
Oct 7 16:42
The Defiant context
Its angle: estimates, reported, defiant

Has this happened before?

WhenWhat happenedFigure
35 days ago BitMine Lifts ETH Treasury to 6.02 Million With Smallest Buy Since Mid-August event 2 actors in common · 8 news media
42 days ago BitMine adds 17,362 ETH as treasury crosses 6 million event 2 actors in common · 4 news media
42 days ago Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach over 6 Million Tokens with Total Crypto, Cash & Marketable Securities Holdings of $17.2 Billion - PR Newswire event 2 actors in common · 4 news media
2 months ago Bitmine bought $75 million ether as Tom Lee says institutions are still underweight crypto event 2 actors in common · 2 news media
39 days ago April 2025 Spiko Bpifrance announces its subscription to Spiko’s tokenized money market fund, using its own cash reserves Bpifrance is taking a major step forward in blockchain-based finance by announcing a subscription to the Spiko Euro money market fund .. event 1 actors in common · 2 news media