🟣 What is happening with Ethereum?
Bitmine is a company that has been buying a huge amount of Ethereum (ETH) and holding it as a treasury asset.
Think of Bitmine as a big, regular ETH buyer. Since June 2025, it says it has been buying ETH every week.
Now, Bitmine has set a limit:
> When Bitmine owns 5% of all ETH in circulation, it plans to stop buying more.
📊 How close are they?
There are roughly 122.1 million ETH circulating.
Bitmine currently owns about 6.02 million ETH, which is approximately 4.9% of the total supply.
So it needs roughly 100,000 more ETH to reach its 5% target.
At its recent buying speed, that could happen in around 6–7 weeks.
🚨 Why does this matter?
Because Bitmine has been providing constant buying pressure for ETH.
Imagine ETH has a big buyer who keeps saying:
> “Every week, I'm going to buy more.”
That buyer disappearing doesn't automatically mean ETH will crash, but it means one major source of demand will disappear.
If there are fewer big buyers while sellers remain active, ETH could have more difficulty moving higher.
💰 But Bitmine has a lot of money
Bitmine reportedly has around $643 million in cash and marketable securities available.
So technically, it has enough money to buy the remaining ETH needed to reach 5%.
But according to Tom Lee, 5% is the ceiling. Once they reach it, they intend to stop accumulating ETH.
📉 The interesting part: Bitmine is currently losing money
Bitmine bought a lot of ETH at higher prices during the previous market.
Because ETH has fallen, the company's ETH holdings are currently showing around $4.5 billion in unrealized losses.
“Unrealized” means they haven't necessarily lost that money permanently—they would realize the loss if they sold at today's lower price.
🧠 The bigger picture
This doesn't mean:
“Bitmine stops buying → ETH will definitely crash.”
It's more like:
Bitmine buying ETH → strong recurring demand → Bitmine reaches 5% → recurring demand disappears → ETH needs other buyers to take its place.
And that's why traders are paying attention.
🔥 The key takeaway
The biggest story isn't really that Bitmine is selling ETH.
They're not saying they're selling. They're saying they're going to stop buying once they reach 5%.
So the market is asking:
> “When Bitmine stops buying hundreds of thousands of ETH, who will replace that demand?”
That could become especially important if ETH remains weak and other institutional buyers aren't strong enough to absorb the selling pressure.
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