Ethereum
BitMine Approaches Five Percent Ethereum Supply Cap and Plans Purchase Halt
BitMine Immersion Technologies announced it will soon halt its ether acquisitions after reaching a five percent circulating supply threshold.
BitMine Immersion Technologies plans to conclude its ether buying program once its corporate treasury reaches 5% of the total circulating supply. Chairman Tom Lee announced during the TOKEN2049 conference in Singapore that the company holds approximately 6 million ETH, worth around $15 billion, and needs about 100,000 more tokens—valued at roughly $250 million—to hit the cap. At its current purchasing pace, the accumulation could be completed within six to seven weeks.
Following the announcement, ether dropped approximately 5% while BitMine shares declined 6%. As of October 9, ETH traded near $2,505, down 8.8% over the preceding week and roughly 49% below its August 2025 peak of $4,946.
The impending end of BitMine's purchases comes amid broader outflows from institutional products. According to SoSoValue data, US spot Ethereum ETFs experienced net redemptions for eight consecutive trading sessions beginning September 28, reducing total net assets from $17.69 billion on October 5 to $15.64 billion by October 9. In addition, approximately 800,000 ETH worth $2 billion is currently queued for unstaking.
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