Bitmine to Halt Ethereum Purchases After Reaching 5% Stake
Tom Lee's Bitmine will stop buying Ethereum once it acquires 5% of the total supply.
Tom Lee's Bitmine will stop buying Ethereum once it acquires 5% of the total supply. Ethereum (ETH) is trading at $2,566.72, up 0.1% since this brief published. This is an original TLT brief synthesising 7 outlets (CoinDesk, Decrypt, Bitcoin Sistemi, and others), plus live market data, as of Wed, 07 Oct 2026 22:00:03 UTC.
- Crypto Daily ↗
- CoinCodex ↗
- Bitcoin Sistemi ↗
- Tom Lee Says BitMine Will Not Buy Past 5% of Ether Supply ↗
- BitMine nears 5% ETH cap as Lee says it may sell staking rewards ↗
Also reported by CoinDesk, Decrypt.
- Bitmine to cease Ethereum purchases after reaching 5% of total ETH supply.
- Ethereum down 5.54% to $2563.81 amid broader market decline.
- Bitmine's pause may impact ETH demand dynamics.
CoinDesk reports that Bitmine will stop accumulating Ethereum once it owns 5% of the total supply, though no other outlets have corroborated this information.
Tom Lee's Bitmine has announced it will cease purchasing 
Ethereum once it acquires 5% of the total supply, according to CoinDesk. This decision marks the end of an accumulation streak that began in mid-2025 and has positioned Bitmine as the world's largest Ethereum treasury.
The announcement comes amid a broader market downturn, with Ethereum's price dropping 5.54% in the last 24 hours to $2563.81. Over the past week, Ethereum has fallen 4.64%, reflecting the overall negative sentiment in the crypto market.
While CoinDesk is the only outlet reporting this development, the news suggests that Bitmine's pause in Ethereum purchases could impact the token's demand dynamics. The company's significant buying power has likely contributed to Ethereum's price stability in recent months.
The broader crypto market is also experiencing a decline, with the total market cap dropping to $2.9 trillion. 
Bitcoin, the leading cryptocurrency, is down 3.14% in the last 24 hours, and the Crypto Fear & Greed Index stands at 71, indicating a state of 'Greed' among investors.
The cessation of Bitmine's Ethereum purchases could lead to a shift in market dynamics, potentially influencing price movements and investor sentiment. As one of the largest holders, Bitmine's decision to halt acquisitions may be seen as a signal of changing market conditions.
Since this brief published about 9 hours ago, Ethereum (ETH) has moved from $2,563.81 to $2,566.72 — +0.11%.
The chart plots ETH's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
Over the past 24 hours ETH moved -4.8% while Bitcoin moved -2.9%. ETH has historically moved about 1.22× Bitcoin, implying roughly -3.5% today — so this is roughly what its usual link to Bitcoin would predict.
Beta computed by TLT from ~120 days of daily returns; context only, not advice.
Over the past 12 months, Ethereum (ETH) closed within 5% of today's $2,566.72 on 35 separate days. Here is what the price did afterwards on those days — a historical base rate, not a forecast:
Computed by TLT from 12 months of daily closing prices. A base rate describes the past distribution of outcomes from similar price levels — it does not predict the future and ignores the specific news in this story. Crypto is volatile and past performance is not indicative of future results. Not financial advice.
At today's peer-to-peer rate, 1 ETH ≈ ₦3.51M (about $2,566.72), down 4.8% over 24 hours. The naira itself trades about 3.0% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 7, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Bitmine to Halt Ethereum Purchases After Reaching 5% Stake — questions & answers
How much is 1 Ethereum worth in naira today?
About ₦3.51M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $2,566.72. The naira price moves with both ETH's US-dollar price and the USDT/NGN rate; use our Ethereum in naira page for any amount.
Has Ethereum's price moved since this brief was published?
ETH is up 0.11% since this brief first published — trading at $2,566.72 now versus $2,563.81 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from CoinDesk, Decrypt, Bitcoin Sistemi, CoinCodex, Crypto Daily, Crypto Economy, Cryptopolitan, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.