Bitmine's Relentless Ethereum Buying Is About to End, Tom Lee Says
Summary
Bitmine Immersion Technologies plans to stop buying Ethereum when its holdings reach 5% of circulating supply, a threshold it expects to hit in about six to seven weeks. Chairman Tom Lee said the company is roughly 100,000 ETH short; its latest disclosed holdings were 6.02 million ETH, or about 4.9% of supply. The NYSE-listed firm has bought ETH weekly since launching its treasury strategy in June 2025, making it a steady source of market demand. Ending purchases would remove that recurring bid. Bitmine’s holdings are reportedly about $4.5 billion underwater as ETH trades near $2,570.
