BitMine will stop weekly ETH purchases at 5% supply cap

BitMine Immersion Technologies reported holding 6,016,414 ETH as of October 4, equal to about 4.9% of Ethereum’s roughly 122.1 million supply. Chairman Tom Lee reiterated a self-imposed 5% ceiling and estimated about 100,000 ETH remain to reach the cap. Based on the disclosed supply, the calculated gap is approximately 88,586 ETH, which explains the rounded estimate.

Holdings, cadence, and market context

BitMine has executed weekly ETH purchases since June 30, 2025, making its accumulation a recurring source of demand and a finite program due to the 5% limit. The company acquired 15,112 ETH in the most recent week. BMNR shares closed at $24.19 on October 8, an estimated 8.8% discount to net asset value of $26.51 per share, implying an mNAV of 0.91x. ETH traded near $2,539, down 1.5% over 24 hours and below early-October levels around $2,700.

Bitmine BMNR

Staking and post-cap considerations

As of October 4, BitMine reported staking 5,067,309 ETH, equal to 84% of its holdings. The company projected annualized staking revenues of $363 million and estimated annualized rewards of approximately $431 million at scale. These figures are projections. The company has not disclosed a plan for capital allocation after reaching the 5% ceiling, making staking operations and treasury management the primary areas to monitor.

Key implications: BitMine’s weekly purchasing reduces as the treasury approaches the 5% ceiling, which may lessen a recurring demand source once the cap is reached. The gap to the cap is material given recent weekly additions. The discount of BMNR to its estimated NAV indicates market pricing below the value of underlying ETH holdings.