The buyer who accumulated 6 million ETH suddenly says it’s done buying—
At Token2049 in Singapore on October 7, BitMine Chairman Tom Lee announced that BitMine’s ETH holdings will be capped at 5% of the total supply. This is a “hard cap”—the company won’t buy any more.
BitMine currently holds around 6 million ETH, or about 4.9% of the total supply, leaving only roughly 100,000 ETH before it hits the cap. Note that about 84% of those 6 million ETH are staked and earning yield, so they’re unlikely to return to the market anytime soon.
What to make of it: BitMine has been one of the biggest buyers in this year’s “ETH treasury” narrative. Its steady accumulation during the bear market effectively gave ETH an automatic safety net. Now that it has said it’s stopping, the market has lost a major source of incremental buying.
In the short term, this may actually be somewhat positive: stopping purchases means the company no longer needs to issue shares to raise funds, easing the pressure from equity dilution. Tom Lee himself said this could actually help the company outperform ETH. In the long term, however, ETH has lost a major player that provided “unconditional support,” and its price will depend more on ETF inflows and on-chain demand.
Data as of: 2026-10-10 15:10 UTC
Sources: Cointelegraph; CoinDesk
For informational purposes only; not investment advice.
$ETH
#EthereumTreasury
Do you think the biggest buyer stepping back is bullish or bearish for ETH?
At Token2049 in Singapore on October 7, BitMine Chairman Tom Lee announced that BitMine’s ETH holdings will be capped at 5% of the total supply. This is a “hard cap”—the company won’t buy any more.
BitMine currently holds around 6 million ETH, or about 4.9% of the total supply, leaving only roughly 100,000 ETH before it hits the cap. Note that about 84% of those 6 million ETH are staked and earning yield, so they’re unlikely to return to the market anytime soon.
What to make of it: BitMine has been one of the biggest buyers in this year’s “ETH treasury” narrative. Its steady accumulation during the bear market effectively gave ETH an automatic safety net. Now that it has said it’s stopping, the market has lost a major source of incremental buying.
In the short term, this may actually be somewhat positive: stopping purchases means the company no longer needs to issue shares to raise funds, easing the pressure from equity dilution. Tom Lee himself said this could actually help the company outperform ETH. In the long term, however, ETH has lost a major player that provided “unconditional support,” and its price will depend more on ETF inflows and on-chain demand.
Data as of: 2026-10-10 15:10 UTC
Sources: Cointelegraph; CoinDesk
For informational purposes only; not investment advice.
$ETH
#EthereumTreasury
Do you think the biggest buyer stepping back is bullish or bearish for ETH?