Tom Lee Says Bitmine Will 'Stop' Buying ETH—BMNR Falls 6%

Bitmine (NYSE:BMNR) fell 6% Wednesday after Chairman Tom Lee said the company will stop buying Ethereum (CRYPTO: ETH) once it hits a 5% supply target. Why Bitmine Is Setting a Hard Stop Lee said at Token2049 in Singapore Wednesday, cited by CoinDesk, that Bitmine needs only about 100,000 more ETH to reach 5% of the token’s circulating supply. “We only need to get another 100,000 ETH to get to 5%,” he said. “Now we’re going to stop.” Bitmine is already close to that line. The company said Monday it bought another $41 million in ETH last week, bringing its total to 6,016,414 ETH, or roughly 4.9% of the 122.1 million tokens in circulation. Lee called the pace of accumulation remarkable given the timeline. “We thought this would take five years,” he said. “It took us a little over a year. More importantly, we did this all in the middle of a bear market.” At last week’s buying pace, Bitmine would need roughly six to seven more weeks to add the remaining 100,000 ETH. The company held $643 million in cash and marketable securities as of Monday, more than twice what it would need to finish the purchase at current prices. Why This Matters for ETH Demand Bitmine has bought ETH every week since launching its treasury strategy in June 2025, making it one of the market’s steadiest sources of demand. Much of that buying came at higher prices during last year’s bull run, though, leaving the firm with $4.5 billion in unrealized losses, according to DropsTab. Crypto analyst Justin Wu posted on X that Bitmine’s focus on owning a share of total supply, rather than chasing a price target, raises a bigger question: what happens to ETH if multiple companies compete to absorb the same limited supply? Where BMNR Stands Technically .benzinga-widget#bz-embed-widget-block_f527235f026b46141df5fe93d4f82ff5 iframe.w-full { width: 100%; } BMNR fell sharply Wednesday after rejecting near $29, breaking below its 20-day EMA at $26 and testing trendline support from July’s $13 low. RSI at 46.62 confirms fading momentum after the stock’s recent overbought run. Price still trades above the 50-day, 100-day, and 200-day EMAs, keeping the broader uptrend technically intact despite the selloff. Key levels for BMNR: $26: 20-day EMA, resistance above $28: next resistance if price recovers $24: trendline support, key level to hold Photo via Shutterstock Read Also: SpaceX Is Becoming a Test of How Much Debt the AI Boom Can Absorb