Bitmine Nears End of Large ETH Buying Campaign
Bitmine is approaching a planned conclusion to its substantial Ethereum (ETH) accumulation strategy. According to Chairman Tom Lee, the firm will halt purchases once its holdings reach 5% of the total ETH supply. This ceiling was reportedly suggested by Ethereum co-founder Vitalik Buterin.
Bitmine is currently approximately 100,000 ETH away from reaching its stated goal. The company's consistent buying pressure has been a notable factor in the ETH market, and its withdrawal could alter supply dynamics. Lee did not specify a timeframe for reaching the 5% threshold, but indicated the company is actively working towards it.
The scale of Bitmine’s accumulation campaign is described as one of the largest undertaken by a corporation. Buterin’s encouragement of a 5% cap suggests a desire to avoid excessive concentration of ETH holdings within a single entity, potentially impacting network decentralization.
Market context
Market data reflects conditions at publication time and is not updated in real time.
Data captured at: Oct 23, 2026 03:42 (Tehran)
Likely market impact
| Segment | Outlook |
|---|---|
| Bitcoin | ● Neutral |
| Ethereum | ▼ Negative |
| Altcoins | ● Neutral |
| Short term | ▼ Negative |
| Long term | ● Neutral |
Spot prices at publication
Fear & Greed Index
Chart
Source: Bitcoin.com News