Ethereum News: Tom Lee Says Bitmine to Soon Stop Buying ETH
Tom Lee said the firm will halt weekly purchases after reaching 5% of circulating supply, removing a steady source of ether demand.
- On Wednesday at TOKEN2049 in Singapore, Bitmine chairman Tom Lee announced the firm will stop accumulating Ether once its holdings reach 5% of the token's circulating supply.
- Bitmine has purchased Ether every week since June 2025, though much was acquired during last year's bull market at higher prices, leaving the firm with $4.5 billion in unrealized losses.
- Holding 6,016,414 Ether, Bitmine requires another 100,000 tokens to reach its 5% target. Lee said the purchase pace would take "six to seven more weeks" at current rates.
- Ether dropped nearly 4% to about $2,590 on Wednesday amid broader market weakness, as Bitmine's looming halt removes a major source of steady demand for the token.
- Bitcoin fell 2.4% to about $83,600 on Wednesday as $550 million in leveraged crypto bets were wiped out over 24 hours, reflecting cooled risk appetite across wider markets.
22 Articles
22 Articles
Bitmine Falls 7% as Tom Lee Says the Ethereum Buying Spree Is About to End; Sharplink and Strategy Drop 5%
Tom Lee just signaled a major shift in how Bitmine handles its Ethereum treasury, and crypto stocks across the board are taking the hit as investors reconsider what a buying halt means for a company built on relentless accumulation.
BitMine will stop buying ethhereum when it reaches 5% of the supply.The company adds 4.5 billion in unrealized losses.The BitMine Ethereum entry: will stop the purchase by reaching 5% of the supply, warns Tom Lee aparece primero en Merca2.
Key points of the news: BitMine set a ceiling of 5% of Ethereum’s supply. Tom Lee confirmed that the company will not accumulate beyond that limit. The company accumulated about 6 million ETH, equivalent to 4.9% of the supply, and needs approximately 100,000 more ETH to reach the target. Read more
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