Coinspeaker • October 8th 2026, 11:48 AM
Ethereum News: BitMine To Halt Buying at 5% ETH Supply Cap
Key Summary
BitMine Immersion Technologies has reported holding approximately 4.9% of Ethereum's supply, with a self-imposed 5% ceiling for its treasury strategy. The company will stop buying ETH once it reaches this limit, estimated to be around 100,000 ETH. This marks a finite pattern in BitMine's weekly purchasing cadence, which has been a defining feature of its strategy since June 2025. The company's staking and treasury management will remain relevant even if spot accumulation stops.
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Market Analysis
BitMine's weekly purchasing cadence has been a key component of its Ethereum treasury strategy. The company has bought ETH every week since June 30, 2025, and has announced that it will stop buying once it reaches its 5% ceiling. This marks a finite pattern in BitMine's strategy, which has been a defining feature of its treasury management. #
Staking and Treasury Management
BitMine has reported staking 5,067,309 ETH, equivalent to 84% of its approximately 6.02 million ETH holdings. The company has projected annualized staking revenues of $363 million and estimated annualized rewards of approximately $431 million at scale. These projections indicate why staking and treasury management will remain relevant to the Ethereum treasury even if spot accumulation eventually stops. #
Market Implications
BitMine's shares are trading below the value of its ETH holdings, with a net asset value of 0.91x. The company's shares closed at $24.19 on October 8, down 5.9% on the day, against an estimated net asset value of $26.51 per share. This is an 8.8% discount, or an mNAV of 0.91x. ETH traded near $2,539, down 1.5% over 24 hours and below the $2,700 range it held in early October.
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