Bitmine is preparing to end its large-scale Ethereum accumulation program once its holdings reach approximately 5% of ETH’s circulating supply. According to chairman Tom Lee, the company still needs to acquire around 100,000 ETH before regular purchases are halted.
Bitmine began actively building its Ethereum treasury in June 2025 and has steadily increased its position since then. As a result, the company has become one of the largest corporate holders of ETH and a notable source of recurring demand in the market.
Bitmine Already Holds More Than 6 Million ETH
According to the company’s latest figures, its reserves have reached 6,016,414 ETH. This represents roughly 4.9% of Ethereum’s circulating supply, which is estimated at around 122.1 million ETH.
At a price of about $2,580 per ETH, Bitmine’s cryptocurrency holdings are worth approximately $15.5 billion. To reach its target, the company would need to purchase another 100,000 ETH, which would cost around $258 million at current prices.
Bitmine has also reported approximately $643 million in cash and liquid securities. This means that, if ETH remains near current levels, the company appears to have enough reported financial resources to complete its accumulation program.
The Target Could Be Reached Within Several Weeks
The pace of accumulation has been much faster than initially expected. Bitmine originally estimated that reaching its target allocation could take several years, but the company has moved close to the limit in just over a year.
If current buying volumes are maintained, acquiring the remaining 100,000 ETH could take around six to seven weeks. The exact amount required will also depend on changes in Ethereum’s total circulating supply.
Importantly, the decision to stop buying applies only to additional accumulation. The company has not announced any plans to sell its existing Ethereum reserves.
The Market Could Lose a Steady Source of Demand
Bitmine has been purchasing Ethereum on a weekly basis since June 2025. This has made the company a relatively consistent buyer, unlike more volatile sources of demand that can change quickly with investor sentiment.
Once the 5% threshold is reached, this recurring stream of purchases could disappear unless Bitmine changes its strategy. That would not automatically mean a decline in Ethereum’s price, but the market would lose one of its largest regular corporate buyers.
Future price performance will depend on whether other market participants are able to offset the reduction in demand. Institutional investors, ETFs, corporate treasuries, and broader interest from large capital could all play an important role.
Unrealized Losses Are Estimated in the Billions
Despite the scale of Bitmine’s position, the current ETH price is below the average level at which a significant portion of the company’s reserves was accumulated. According to market data estimates, Bitmine’s unrealized losses on its Ethereum holdings could be around $4.5 billion.
A large share of the purchases was made during periods when market prices were higher. However, these losses remain unrealized unless the company sells its holdings below their acquisition cost.
As a result, the size of the unrealized loss does not mean that the strategy has already produced a final financial loss. The ultimate outcome will depend on Ethereum’s future price and how long Bitmine intends to hold its position.
Ethereum Falls Amid Broader Crypto Market Weakness
Ethereum has also faced selling pressure as the market discusses the approaching end of Bitmine’s buying program. Over the past 24 hours, ETH has fallen by around 3% and moved closer to recent local lows.
The decline came amid broader weakness across the cryptocurrency market, although Ethereum’s drop was more pronounced than Bitcoin’s over the same period. In this environment, the end of Bitmine’s accumulation program could attract even greater investor attention to the question of future ETH demand.
What Happens After the Limit Is Reached
In the coming weeks, market participants are likely to closely watch Bitmine’s remaining purchases and the moment when the company officially reaches its target. After that, one of the main questions will be whether new large-scale sources of demand emerge to rеplace Bitmine’s regular buying activity.
Bitmine has already built one of the largest corporate Ethereum positions in the market, and ending further accumulation will mark an important stage in its strategy. Based on current statements, however, the company appears to intend to keep its existing ETH reserves rather than reduce them.