Crypto: BitMine will stop its massive accumulation of Ethereum

BitMine is nearing the end of one of the largest crypto accumulation campaigns by any company. Tom Lee says the company will stop buying Ethereum when it reaches 5% of the ETH supply. BitMine already holds 6,041,481 ETH, or approximately 4.9% of the 122.1 million ETH taken as a reference. At constant supply, around 63,500 ETH still separates it from its ceiling.

BitMine reaches the end of its crypto accumulation of Ethereum

The program started on June 30, 2025. Fifteen months later, BitMine has almost arrived at its destination. The company still had 5.93 million ETH at the start of September. As of October 18, its reserves reach 6,041,481 ETH.

Progress therefore continues, but much more slowly. BitMine only purchased 12,535 ETH during its last published week. However, the company claims to have not missed a week of purchases since the launch of its Ethereum strategy.

This should stop soon. During TOKEN2049Tom Lee explained that the 5% constitutes a hard ceiling. He also claims that Vitalik Buterin would have encouraged him not to exceed this level.

The exact figure obviously depends on the total supply of ETH crypto by the time BitMine reaches its target. Based on the 122.1 million ETH currently used by the company, 5% represents approximately 6.105 million ETH. With 6.041 million already held, the gap becomes minimal.

More than $14 billion in ETH accumulated in fifteen months

The pace gives an idea of ​​the size of the operation. At the reference price of $2,365 used in its October 19 release, the ETH held by BitMine was worth approximately $14.3 billion. Adding its bitcoins, cash, securities and several investments, the company valued all of its crypto assets, cash and holdings at approximately $15.1 billion.

BitMine has thus become by far one of the largest Ethereum treasuries listed on the stock exchange. The company had already announced in the spring that it would gradually slow down its ETH purchases. At the time, the goal still seemed relatively far away. Since then, several hundred thousand additional tokens have entered its reserves.

The potential impact on the crypto market comes mainly from the regularity of this demand. BitMine has purchased ETH every week for over a year. Certain periods saw the arrival of several tens of thousands of tokens in a few days.

Once 5% is reached, this recurring source of purchases must disappear. This does not automatically mean a decline in ETH. ETFs, staking, companies and investors can continue to absorb the available supply. But one of the most regular corporate buyers will no longer be around to add tokens week after week.

Staking is gradually replacing crypto purchases

BitMine is already preparing the next step. Of its 6.04 million ETH, 5,067,309 are staked, or approximately 84% of its reserve. The company therefore no longer only wants to accumulate Ethereum. It now seeks to produce income with the assets already held.

At the recently observed yield, BitMine estimates its annualized staking revenue at approximately $309 million. If all of its ETH were ultimately staked via its partners and MAVAN, its in-house infrastructure, the company projects approximately $369 million in annualized rewards. This figure remains an estimate: Ethereum yields may change.

This direction was already visible when BitMine increased its share of the ETH supply to 4.8%. The company was simultaneously increasing its exposure to staking and network infrastructure. The crypto strategy therefore changes its nature. For fifteen months, the priority was to buy as quickly as possible until we approached 5%. The next phase will rely more on yields, validators and the productive use of this reserve. BitMine will not leave Ethereum once its cap is reached. She will just stop piling on more.