BitMine Stopping ETH Buying Signals ETH Price Shift

Background

BitMine Immersion Technologies, the largest company holder of Ethereum (ETH), will stop buying once it owns 5% of all ETH. Chairman Tom Lee told the Token2049 conference in Singapore on Wednesday the firm is about 100,000 ETH away. This marks a significant milestone, as BitMine began buying on June 30, 2025, with ETH near $2,500.

Current Holdings and Progress

BitMine reported 6,016,414 ETH as of October 4, about 4.9% of supply. The remaining 89,000 ETH would cost about $230 million at the current ETH price. Ethereum Price Performance

Impact of BitMine's Buying Activity

BitMine's buying activity has historically driven up the price of Ethereum. In August 2025, BitMine added about 1.1 million ETH, more than any other treasury company that month, according to VanEck. ETH gained 15.8% that month and peaked near $4,953. VanEck said the stablecoin story and treasury-company buying drove that month's $4 billion in Ethereum fund inflows.

Recent Market Trends

In 2026, BitMine kept buying every week. ETH still fell below $2,000 by June, down 44% for the year at the time. By then, BitMine's 5.41 million ETH sat about $9 billion below what it paid. Recent fund flows run the other way. US spot Ethereum exchange-traded funds (ETFs) lost about $408 million in six days, per SoSoValue data. That equals roughly 152,000 ETH, 10 times BitMine's last weekly buy of 15,112. Ethereum ETF Flows

Conclusion

BitMine's decision to stop buying ETH may signal a shift in Ethereum's price. With current holdings valued at around $230 million, the decision to stop buying may indicate a decrease in demand, potentially leading to a price drop. The next weekly holdings update should show how fast the final purchases arrive.