BitMine Sets 5% Ethereum Cap as Treasury Reaches 6.02 Million ETH

BitMine will stop accumulating Ether (ETH) once its holdings reach 5% of Ethereum’s supply, Chairman Tom Lee said at Token2049 Singapore on Oct. 7, setting a ceiling for the company’s aggressive treasury strategy.

BitMine held 6,016,414 ETH as of Oct. 4 at 6:30 p.m. ET, valued at $2,726 per token. The position represented 4.9% of Ethereum’s 122.1 million ETH supply, leaving roughly 100,000 ETH before the target.

“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said.

The company is shifting its focus toward generating returns from its existing holdings. BitMine said 5,067,309 ETH, or 84% of its treasury, was staked through its Made in America Validator Network, or MAVAN. It projected $363 million in annualized staking revenue based on a 2.63% seven-day yield.

BitMine’s crypto, cash, marketable securities and other investments totaled $17.4 billion. The company has acquired ETH every week since launching its treasury strategy in June 2025, including 15,112 ETH during the week before its Oct. 5 disclosure.