BitMine Immersion Technologies plans to stop acquiring additional Ether once its holdings reach 5% of Ethereum’s circulating supply, according to Chairman Tom Lee. Speaking at the Token2049 conference in Singapore on Wednesday, Lee described the threshold as a firm limit rather than a flexible goal.

The company currently holds approximately 6 million ETH, specifically 6,016,414 tokens as of October 4, representing about 4.9% of Ethereum’s stated circulating supply of roughly 122.1 million tokens. BitMine needs between 88,000 and 100,000 additional ETH to hit the 5% mark, depending on the precise supply figure used.

End of the Accumulation Phase

Lee stated that BitMine built the majority of its position during a prolonged crypto bear market. The firm has conducted weekly purchases since launching its Ether treasury strategy on June 30, 2025, including 15,112 ETH in the week ending October 4. Total corporate holdings, including the ETH treasury, cash reserves of $643 million, and stakes in other companies, were valued at approximately $16.4 billion to $17.4 billion at recent prices.

The decision concludes what Lee referred to as the company’s “Alchemy of 5%” accumulation plan after about 15 months. He framed the shift as a deliberate move away from active buying.

Previously, Lee had left open the possibility of exceeding the 5% level depending on Ethereum’s adoption trajectory and had indicated in an August interview that the company might revisit the threshold in 2027. The latest comments present the limit as definitive.

Capital Strategy and Staking Focus

Halting purchases is expected to ease BitMine’s need to raise additional capital for further acquisitions. The company previously launched a $300 million perpetual preferred stock offering in June and has conducted share repurchases under a broader $4 billion buyback program, including 16.1 million common shares by early August.

Lee linked the hard cap to improved capital efficiency, suggesting that ending the buying program would allow the firm to potentially outperform Ether’s price appreciation without ongoing fundraising pressure.

BitMine has already staked a significant portion of its holdings. As of October 4, 5,067,309 ETH—or about 84% of its treasury—was staked through its Made in America Validator Network. The company reported a recent 7-day annualized yield of 2.63% and projected annual staking revenue in the range of $334 million to $363 million based on current holdings.

Staking rewards introduce a potential variable. Lee has previously indicated that BitMine could sell ETH earned through staking if necessary to prevent its ownership share from rising above the 5% ceiling.

Market Reaction

Following the announcement, Ether declined approximately 5%, trading near $2,585 at one point. The move coincided with about $216.56 million in ETH liquidations, the vast majority of which involved long positions.

BitMine’s weekly buying activity has provided consistent demand for Ether in recent months. The approaching end of that program removes a steady corporate purchaser from the market while the company transitions to managing and generating yield from its existing position.