BitMine Nears Ethereum Supply Threshold: What's Next for the Treasury Company?

BitMine Immersion Technologies is on the cusp of reaching its goal of holding 5% of Ethereum's supply, but the company must decide what to do with its remaining funds after crossing this threshold.

The Ethereum treasury company currently holds 6,001,302 ETH, leaving it just 103,698 tokens short of its target. At its September 27 reference price, buying the remaining ETH would cost around $279.8 million, which is roughly 42% of BitMine's reported cash and marketable securities pool of $672 million.

BitMine has been steadily acquiring Ethereum since June 2025, with a significant slowdown in purchasing pace in recent weeks. The company repurchased about 5.5 million BMNR shares at an average price of $15.6156 in July, which totals around $85.9 million in cash spent on buying back shares and Ethereum.

Chairman Tom Lee has signaled a gradual approach to the 5% threshold and has mentioned spending more on staking, infrastructure, and Ethereum-related investments. However, the company's plan for its capital after reaching this target remains unclear.