Bitmine has become the most important buyer of Ethereum, it has taken more than 5.5 million ETH since the middle of 2025. Now, having 4.6% of the total amount and Tom Lee shows the company will not need more than 5%, the support may end soon.
The company added 25,000 ETH from BitGo this week, the last part of a three-day buying spree of 125,000 coins worth about $206 million. ETH jumped 3% on the high. But Tom Lee has shown that too much speed can slow down.
ETH Was Struggling Before This Happened
Ethereum was already struggling before Bitmine’s talk back. The stock is down nearly 44% year to date, sitting more than 55% below its August 2025 high of $4,953. Spot ETH ETFs listed 17 consecutive days output in May, draining $401 million from the market.
JPMorgan analysts said that ETH is unlikely to reverse its years-long failure against Bitcoin without significant changes in the network’s infrastructure and global adoption.
Tom Lee is He publicly withdrew his ETH lossescalling Ethereum’s requirements hard. But the capital continues to leave, and the value is decreasing.
Bitmine Filled the ETH Buyer Gap
Bitcoin has Strategy, a publicly listed company with more than 818,000 BTC which is like the bottom of the Bitcoin price. Until Bitmine launched its own Ethereum Treasury strategy by 2025, ETH had no equivalent buyer. The announcement sent BMNR soaring 694% and gave Ethereum one of its few consistent bullish stories in a year of continuous outflows.
Bitmine buy for three days this week they pushed enough goods to 5,543,872 ETH, equivalent to 4.59% of Ethereum’s 120.7 million circulating tokens. Tom Lee framed his 5% target as the time when the wisest ideas are realized. The implied message: when a company crosses this line, the rationale for aggressive weekly purchases weakens.
Ethereum Needs A New Solution
The system gives Bitcoin a reliable global anchor; Similar to Ethereum it is very fragile and it is limited to one company. Viewers have already done so he asked if ETH was even the right asset for the company’s financial plan to start, because the token does not work continuously.
The network features stablecoin transactions, tokenization of real-world assets, and decentralized financial services. On-chain metrics have risen even though the price has not. But price and demand have been diverging for months, and Bitmine’s purchase has been one of the few things that has caused this gap to widen rapidly.
Without a new buyer to take its place, ETH is facing a simple problem: fewer reasons to buy and one less group setting the bottom.
A note Tom Lee Suggests Bitmine’s Aggressive ETH Buying Is About to End appeared for the first time BeInCrypto.
