BitMine Could Reach 5% of Ether Supply by Early November
BitMine nears major Ether milestone
Ethereum treasury company BitMine Immersion Technologies could reach its target of holding 5% of the total Ether supply by early November. This projection assumes the company continues its recent purchasing pace. As of September 28, the firm reported holding over 6 million Ether (ETH).
Current holdings and purchase speed
- BitMine currently holds 6,001,302 ETH, which equals 4.9% of the 122.1 million ETH supply cited in their report.
- To hit the 5% mark, the company needs approximately 6.105 million ETH, leaving a gap of about 103,700 ETH.
- A review of 12 weekly updates from July 13 to September 28 shows an average acquisition rate of roughly 21,600 ETH per week.
- At this average rate, the company could close the remaining gap in about 4.8 weeks.
Previous plans and recent shifts
The company had originally planned to reach the 5% threshold in late 2026. However, BitMine deliberately slowed its buying activity in May. The current acceleration suggests a change in strategy compared to those earlier expectations.
Future strategy after hitting the target
BitMine Chairman Tom Lee discussed the company's long-term plans in an August interview. He stated that holding more than 5% might make sense if Ethereum usage grows and more businesses adopt the asset. However, he noted the company would likely reconsider this decision in 2027.
If BitMine chooses to stay near the 5% level, Lee explained they could sell Ether earned from staking rewards. Staking is a process where validators secure the network and earn new tokens as a reward. Selling these rewards would prevent the company's total share of the supply from rising further. Lee added that the firm does not need to sell assets for cash management and prefers finding productive uses for its holdings.
Expansion beyond accumulation
BitMine is expanding its operations beyond simply buying Ether. Its institutional staking platform, MAVAN, manages over $2 billion in crypto assets from external clients. In the quarter ending May 31, the company generated $45.7 million from Ether staking and validation. This amount accounted for 98% of its total revenue of $46.5 million during that period.
What remains uncertain
The timeline to reach the 5% target depends on maintaining the current weekly purchase rate. Any change in buying speed could shift the estimated arrival date. Additionally, it is not yet confirmed whether BitMine will stop buying once it hits 5% or continue accumulating based on future market conditions.
Source
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.