Holy crap, Tom Lee is almost done buying ETH for BitMine. They’re just 100,000 ETH away from stopping, but they’re still sitting on an unrealized loss of $4.3 billion. BitMine currently holds about 6.02 million ETH, which is 4.9% of the total supply. The hard cap is 5%, so once they hit that, they won’t buy any more. Since launching their ETH Treasury Strategy in June 2025, this company has been buying ETH every single week for over 60 weeks straight. A lot of their positions were scooped up around $1,500 per ETH. Based on public purchase records and weighted estimates, their average cost is roughly $3,324 per ETH, with a total investment of nearly $20 billion. ETH is only around $2,610 right now, so the market value of this stash is about $15.7 billion. That’s an unrealized loss of over $700 per ETH, or a total paper loss of $4.3 billion—down more than 21%. With the current total supply at 122.1 million ETH, 5% would be about 6.105 million ETH. BitMine is just 89,000 ETH away from hitting that hard cap. The most consistent and mechanical spot buying force in the market over the past year is about to disappear. Even Tom Lee admitted on stage that they’ve been buying throughout the bear market, providing a floor for ETH. But now, they’re stopping.
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