BitMine Needs 77,442 ETH to Reach 5% of Ethereum Supply, May Halt Buying Within a Month

BitMine, an Ethereum treasury company, may stop buying more Ether within a month as it closes in on its goal of accumulating 5% of the token’s total supply.

On-chain analyst EmberCN wrote on X on Oct. 12 that BitMine bought an additional 12,532 ETH last week for about $32.6 million. That leaves the company 77,442 ETH short of its target of holding 5% of Ethereum’s total supply.

EmberCN also cited recent comments by BitMine Chairman Tom Lee at Token2049 in Singapore. Lee said the company would stop buying more Ether once its holdings reach 5% of total supply. At the current pace of purchases, BitMine could reach that goal in about a month.

BitMine bought ETH last week at about $2,601 per token. It now holds a total of 6,028,946 ETH valued at about $15.319 billion. Its average purchase price is $3,334, leaving an estimated unrealized loss of about $4.781 billion, or 23.8%, based on current prices.

Meanwhile, Bitcoin treasury company Strategy bought an additional 250 BTC last week for about $21.55 million. The average purchase price for that batch was $86,194.

Strategy now holds a total of 848,250 BTC, with an average purchase price of $75,444. EmberCN estimated the company’s holdings at about $70.532 billion, with unrealized gains of about $6.536 billion, or 10.2%.