Key Insights:
- BMNR stock price fell as Bitmine neared its 5% Ethereum supply target.
- Bitmine holds 6.016 million ETH, worth about $16.4 billion at its cited price.
- Tom Lee says buying will stop at 5%, putting staking at the center of its strategy.
The BMNR stock price fell 6.60% to $24.47 on October 7 as Bitmine Chairman Tom Lee said the company will stop accumulating Ethereum once its holdings reach 5% of the network’s supply.
The move shifts attention from how much ETH Bitmine can buy to what the company does after its largest accumulation phase ends. Google Finance data showed BMNR at $24.47 at 1:19 p.m. ET, with a session high of $25.19 and low of $24.28.
Bitmine had 6,016,414 ETH as of October 4, equal to 4.9% of the 122.1 million ETH supply cited by the company.
At its reported reference price of $2,726 per ETH, the position was worth about $16.4 billion. The company said its total crypto, cash and marketable securities, plus other investments it calls “moonshots,” reached $17.4 billion.
BMNR Stock Price Meets the 5% Ceiling
The number now driving the BMNR stock price story is not six million ETH. It is 5% of the total Ethereum supply. Speaking at Token2049 in Singapore on October 7, Lee said Bitmine would stop buying ETH after reaching that level.
Lee described the company as being “done stacking” once the 5% threshold is reached. He added that, “We only need to get another 100,000 ETH to get to 5%,” before adding, “Now we’re going to stop.”
That leaves Bitmine with a relatively small distance to cover compared with the scale of the treasury it has already built. Its latest weekly purchase added 15,112 ETH, worth roughly $41 million based on the company’s stated valuation. It was the second consecutive week of smaller purchases and the lightest weekly addition since August 17.
The buying program has also moved quickly. Bitmine launched its Ethereum Treasury Strategy on June 30, 2025, and has reported purchases every week since then. The company had previously described the 5% milestone as the “Alchemy of 5%.”
The Bitmine Stock Story Is About to Change
The Bitmine stock narrative has largely followed the company’s aggressive ETH accumulation. That connection was visible in September. On September 21, Bitmine moved 12,500 ETH worth about $34.55 million from Kraken, according to data cited by The Coin Republic.
BMNR shares gained 8.84% that session and closed at $28.25. The publication also noted an important limitation: an exchange withdrawal alone does not prove that the transaction was a new ETH purchase.
That episode helps explain why the latest announcement is significant. Bitmine’s accumulation has become one of the clearest recurring features of the company’s equity story. Now there is a defined endpoint.
Yet stopping active purchases does not mean the Ethereum treasury becomes static. Bitmine reported 5,067,309 staked ETH as of October 4, representing more than 84% of its holdings. The company uses MAVAN, its institutional-grade staking platform, as a major destination for those assets.
What’s Next for BMNR Stock Price?
This is where the BMNR stock price story takes a different shape. Once the 5% ceiling is reached, Bitmine can shift greater attention toward staking and treasury management rather than repeatedly raising capital for ETH purchases.
The company has already built a large staking operation, and its September filing said annualized staking revenues were projected at $357 million, based on 5.1 million staked ETH.
That makes the transition more than a pause in buying. It changes the emphasis of the treasury strategy from accumulation to extracting returns from an already massive ETH position.
The Ethereum price also matters because Bitmine’s reported holdings are directly tied to ETH’s market value. On October 7, ETH fell roughly 5%, trading near $2,560 in Binance data, after closing around $2,697 on October 6.
That decline arrives as Bitmine approaches its target with roughly 89,000 ETH still needed based on its October 4 holdings and the 5% supply threshold.
For the BMNR stock price, the market now has two closely linked numbers to watch: 5% and 6,016,414 ETH. One represents the ceiling. The other shows how close Bitmine is to it.
The company is still adding ETH. But there is now a point at which the buying ends. And after that, the balance sheet becomes the story.
The Ethereum price, staking output, and Bitmine’s ability to grow its treasury without continually expanding its ETH stake will matter more to the next phase of the narrative.
