BitMine Approaches Its ETH Purchase Limit: Who Will Buy Ethereum Next?

Quick Read

• Tom Lee confirmed BitMine needs just 100,000 more ETH to hit its 5% supply cap, after which it will permanently stop buying.

• Ethereum ETF investors pulled money for 8 straight sessions, dropping net assets from $17.69 billion to $15.64 billion and flipping funds into net sellers.

• With no major buyer positioned to replace BitMine, Citi projects ETH rebounds to $3,028 only if ETF inflows reverse.

• Building a portfolio and living off one are two completely different skills, and almost nobody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor)

As BitMine nears its buying threshold, the question arises: who will step in to buy Ethereum?

BitMine Immersion Technologies (NYSE:BMNR), the largest corporate buyer of Ethereum (CRYPTO:ETH), has announced it will stop purchasing Ether once it reaches 5% of the total supply. Chairman Tom Lee shared this information during the TOKEN2049 conference in Singapore on October 7, 2026. With only about 100,000 ETH left to buy—valued at approximately $250 million—BitMine is close to that cap. This leaves many wondering who will fill the gap once BitMine stops its buying spree.

After Lee’s announcement, Ether’s price dipped about 5%, while BitMine’s shares fell 6%. As of October 9, ETH was trading around $2,505, an 8.8% decline over the past week and nearly 49% below its August 2025 peak of $4,946.

BitMine Holds About 6 Million ETH and Needs 100,000 More

BitMine currently owns about 6 million ETH, valued at around $15 billion, representing about 4.9% of the 122 million Ether in circulation. The company accumulated this substantial Ether treasury by consistently converting investment funds into ETH.

“We only need to get another 100,000 ETH to get to 5%,” Lee stated. “Now we’re going to stop.” At the current rate, BitMine could complete this last round of buying in roughly six to seven weeks, leaving the market without its most consistent source of demand.

Ethereum ETF Investors Pulled Money for Eight Straight Sessions

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In 2026, spot Ethereum ETFs—investment funds that hold Ether for investors who purchase shares through brokerage accounts—were significant buyers of ETH. However, starting September 28, investors began pulling money from these funds for eight consecutive sessions, according to SoSoValue. This outflow coincided with ongoing losses in both Bitcoin and Ethereum funds through October 9.

During this period, the funds’ net assets dropped from $17.69 billion on October 5 to $15.64 billion, driven by investor withdrawals and a decline in ETH’s price, which reduced the value of the coins they held. Consequently, these funds have shifted from buying to selling Ether.

Staking and Smaller Treasury Firms Can’t Replace BitMine

Staking, which involves locking up Ether to help maintain the network and earn rewards, does not create new buyers in the market. Instead, about 800,000 ETH, worth about $2 billion, is queued to be released back to holders who may decide to sell.

Other smaller treasury firms that also hold Ether as a reserve follow a similar model to BitMine but on a smaller scale. They raise funds from investors and convert them into ETH. However, none match the amount of Ether BitMine has acquired, underscoring the limits of this buying approach.

Who Buys Ethereum After BitMine Stops?

As BitMine approaches its buying limit, few buyers are ready to replace its demand. With ETF investors selling off their holdings, staking supplying more Ether to the market, and smaller firms buying significantly less, it is unclear who will step in next.

A potential savior could be a shift in ETF flows that increases buying, as these funds can rapidly infuse billions into the market. However, until these fund buyers return, ETH holders may face further price declines. If ETF inflows push net assets back above $17.69 billion, Ether could regain some support. Analysts like those at Citi have projected a price target of $3,028, but this scenario hinges on demand returning once BitMine steps back.

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