Bitmine, an Ethereum-focused treasury manager, announced it will halt its regular Ether acquisitions once its stake reaches 5% of the token’s circulating supply. The decision marks the end of a buying program that began in mid-2025 and has been a rare source of steady demand for the cryptocurrency.

Bitmine’s Accumulation Strategy

The company launched its ETH treasury in June 2025, committing to purchase the asset each week regardless of market conditions. By early October 2026, Bitmine reported a recent $41 million purchase, bringing its total to 6,016,414 ETH. At the prevailing price of about $2,580 per token, that position is valued near $15.5 billion, representing roughly 4.9% of the 122.1 million ETH in circulation.

Reaching the 5% Ceiling

Chairman Tom Lee stated at TOKEN2049 in Singapore that the firm needs approximately 100,000 more ETH to hit the 5% target. At the current acquisition rate, securing the remaining tokens would require six to seven weeks. Bitmine also disclosed $643 million in cash and marketable securities, more than enough to fund the final purchases at today’s prices.

Market Implications

Ether has been under pressure, slipping 5% in the last 24 hours to its lowest level since September 20. The decline outpaced Bitcoin, which fell about half as much in the same period. Bitmine’s weekly purchases have acted as a counterweight to broader market weakness, and the imminent cessation may remove that support.

Financial Position of the Treasury

Data from DropsTab indicates the firm’s ETH holdings carry roughly $4.5 billion in unrealized losses, a result of buying large amounts during the previous bull market at higher prices. Despite the paper loss, the treasury still retains significant liquidity to meet the final buying goal.

Why it matters

The end of Bitmine’s systematic buying could diminish a rare, consistent demand stream for Ether, potentially amplifying price volatility in an already bearish environment. Investors and analysts will be watching how the market adjusts once the firm’s purchases stop, as its activity has been a notable factor in recent ETH price movements.