BitMine Nears 5% ETH Supply Target, Pauses Accumulation

What happened: BitMine, a major Ethereum treasury firm, added 12,532 ETH (worth about $31.9 million) in the past week, bringing its total holdings to 6,028,946 ETH—equivalent to 4.9% of the total Ethereum supply. Chairman Tom Lee stated that the firm is nearly "done stacking," with only about 100,000 ETH left to reach its 5% supply target. Lee made the comments in a video filed with the SEC, predicting the "biggest bull market we've ever seen" driven by tokenization, treasury accumulation, and AI adoption.

Why it matters: BitMine’s accumulation strategy has made it one of the largest corporate holders of Ethereum, representing a significant source of market demand. The planned halt in purchases could remove a key pillar of support for ETH prices, even as Lee forecasts a major bull run. The move also reflects a broader trend of institutional accumulation and long-term holding, but introduces tension between bullish outlooks and the end of a major buy program. Some analysts remain skeptical of Lee’s price targets, noting the potential impact of BitMine’s pause on market dynamics.

Source: Decrypt