Ethereum could soon follow Bitcoin's lead and lose its largest and most consistent buyer, as Bitmine Immersion Technologies (NASDAQ: BMNR) approaches its goal of controlling 5% of all circulating $ETH, having reached 4.8% according to its latest report.
Bitmine has already begun slowing its accumulation pace, extending its 58-week buying streak by only 7,391 $ETH (approx. $14.2 million) last week. Notably, this was the smallest weekly purchase in 2026, compared to over 100,000 $ETH per week earlier in the year.
Meanwhile, Michael Saylor's Strategy company (NASDAQ: MSTR) has completely halted Bitcoin purchases since June, at least until it reaches its stated goal of bringing the value of its STRC preferred shares to $100.
Now the question is whether Ethereum can cope with a future where weeks turn into months, and during that time, Tom Lee's Bitmine won't buy any $ETH at all.
Why Is Bitmine Buying Less Ethereum?
Tom Lee, co-founder of Fundstrat, who oversees the treasury asset management strategy, hinted back in May at the Consensus conference in Miami that the company would limit its Ethereum volumes. At the same time, Lee added that the company did not want purchases to reach the 5% target too quickly.
As of June, weekly $ETH purchases by Bitmine decreased by more than 75%.
The Bitmine company is instead buying back its own BMNR shares. Since July, the firm has repurchased 19.1 million shares. Just last week, it bought 3 million shares for between $50 and $58 million.
Strategy Company Also Paused Bitcoin Buying to Repurchase Shares
Reportedly, the largest buyers of Bitcoin and Ethereum are currently prioritizing repurchasing their own shares.
As Cryptopolitan reported, the Strategy company used all $108.6 million received from selling Bitcoin last week to repurchase its STRC preferred shares. A week earlier, it sold 1,638 BTC for approximately $104.7 million.
However, their reasoning diverges. Michael Saylor's company is defending its balance sheet, while Bitmine is taking a relatively more sustainable position.
What Will Happen to Ether If Bitmine Stops Buying $ETH?
Arkham Intelligence, whose data indicates that Bitmine is 96% of the way to its 5% target, outlined three possible scenarios. The firm could exceed the 5% mark and continue buying, as Lee is a staunch optimist viewing current prices as a discount. It could reduce purchase volumes, which blockchain data suggests is already happening. Or, it could completely stop buying after reaching the target.
The last scenario is the one Ether holders should watch. If the largest corporate buyer of Ether on the market exits the demand side, Arkham noted, it could negatively impact short-term bullish sentiment. At the time of this Cryptopolitan report's publication, Ether was trading around $1,903, significantly below the levels at which most of the treasury sector acquired it.
One factor mitigates the comparison. Unlike Strategy, Bitmine stakes the majority of its $ETH, over 5 million tokens, through its MAVAN validator network, generating a projected annual staking revenue of about $257 million at a 2.63% yield.
Even without new purchases, such exposure means the Bitmine stack can continue growing solely from network rewards. A buyer who stops buying is not the same as a seller.
