BitMine Nears 5% Ether Stake as Buying Plan Looms

BitMine is approaching a level that would make it one of the most consequential corporate holders of Ether. According to the latest market signal, the company could reach 5% of Ether’s supply by early November, with Chairman Tom Lee leaving open whether the firm would continue buying beyond that point.

The development matters because a 5% concentration would place BitMine in a position to influence market liquidity, treasury narratives and investor expectations around Ether as a reserve asset. In a market already marked by strong risk appetite, the prospect of a large, persistent buyer can reinforce bullish positioning, particularly if traders believe the accumulation will continue after the target is met.

At the same time, the open-ended nature of the strategy introduces uncertainty. If BitMine stops at 5%, the market may interpret the move as a natural ceiling for corporate accumulation. If it keeps buying, the company could extend support to Ether’s price and deepen the debate over whether public-market balance sheets are becoming a structural source of demand for major cryptocurrencies.

For Ether holders, the key issue is not only the size of the position but also the signaling effect. A treasury buyer of this scale can tighten available supply, but it can also create a crowded trade if investors begin to front-run the company’s purchases. That dynamic can amplify both upside and downside moves, depending on whether BitMine’s buying pace remains steady or slows unexpectedly.

The broader backdrop remains constructive. The Fear & Greed Index stands at 73, indicating greed and a market environment that is still willing to reward risk exposure. In that setting, a large Ether accumulation story is likely to attract attention from traders, treasury analysts and corporate finance desks watching how digital assets are being used on balance sheets.