BitMine adds 8,573 ETH, nears 5% of Ethereum supply
Macro & Markets ·
The Tom Lee-led firm's weekly purchase pushes total holdings to 6.06 million ETH as it closes in on a self-imposed accumulation ceiling.
BitMine, led by Fundstrat's Tom Lee, acquired 8,573 ETH over the past week, bringing its total balance to 6.06 million ETH, according to wublockchain.xyz. That stake now equals roughly 4.96% of the total ETH supply, placing the company just below the 5% threshold it has set as a stopping point for further buying.
Lee has previously said BitMine intends to halt additional ETH purchases once it reaches 5% of total supply, a target the firm is now within striking distance of after this latest round of accumulation. The 8,573 ETH added last week represents the company's most recent weekly increment in a sustained buying pattern that has steadily pushed its share of circulating supply upward.
Separate reporting in the same cluster placed BitMine's holdings at 4.9% of supply alongside a total crypto asset base of $14.5 billion, a figure that reflects the broader scale of the company's balance sheet beyond ETH alone. Another account of the same week's activity noted that Binance users reduced their USDT holdings by 7.95% during the same period, a data point circulating alongside the BitMine accumulation news though not directly tied to it in the available material.
The persistence of large, concentrated ETH purchases by a single corporate holder raises questions about how close to the 5% ceiling BitMine will get before pausing, and whether the stated target will in fact be honored once reached. It is not yet known from the available material what BitMine plans to do with its ETH holdings after halting purchases, nor whether the 5% figure is a hard cap or subject to revision. The discrepancy between the 4.96% and 4.9% figures cited across sources in the cluster also remains unreconciled, likely reflecting rounding or differing snapshot times rather than a substantive conflict. What happens once the threshold is crossed, and whether other large holders adjust their own positions in response, remains to be seen.