Bitmine will stop buying ETH once it holds 5% of circulating supply, Tom Lee said, as its holdings reach 6.02 million tokens. Tom Lee says Bitmine is 100,000 ETH away from ending its buying spree.
Ethereum price has fallen below $2,600 as escalating tensions around the Strait of Hormuz triggered a wider crypto sell-off and pushed ETH toward a key technical support zone. Ethereum (ETH) price traded around $2,565 at press time on Oct.
Customers can stake Ether in existing BitGo accounts, hold stETH and exchange it back into ETH on the same platform.
The integration could accelerate institutional adoption of ETH staking in the US, enhancing market competition and Lido's market dominance. Lido brings ETH staking to US clients of BitGo Bank & Trust.
The 39,025-ETH position is valued at about $99.8 million, with liquidation set at $2,501.38 per ETH.
What happens when Ethereum's ambition to process more transactions meets the limits of validator hardware?
The position covers roughly 39,000 ETH and was valued at $99.8 million as of Oct. 7.
The purchase was made at about $2,582 per ETH roughly three hours before 9:18 a.m. ET Wednesday.
Shutdown Date: Abstract will cease operations on Dec. 15, 2026, and users must move assets before the deadline or risk losing access to funds remaining on the network.
Ethereum fell 4% toward $2,600 as ETF outflows and rising Treasury yields pressured ETH, even as Citi maintains a $3,028 12-month target.
BitMine held 6,016,414 ETH, or 4.9% of Ethereum's stated supply, as of Oct. 4 and needs about 89,000 more tokens to reach its target.
Tom Lee said Bitmine will be “done stacking” once it owns 5% of ETH, setting an end date to an accumulation streak that began in mid-2025 and made the company the world's largest Ethereum treasury.