BitMine Immersion Technologies could hold 5% of Ether's total supply by early November if it keeps buying at its recent pace. A Cointelegraph review of the company's weekly disclosures shows it added roughly 259,000 ETH between mid-July and late September, and Chairman Tom Lee has left open whether the buying continues once that threshold is hit.
BitMine Immersion Technologies is closing in on a self-set goal of holding 5% of Ether's circulating supply, and it could get there within weeks. A Cointelegraph review of BitMine's 12 weekly updates issued from July 13 through September 28 found the company added about 259,000 ETH over that stretch, averaging roughly 21,600 ETH a week.
BitMine closes in on its 5% target
BitMine reported holding 6,001,302 ETH as of Sunday, equal to 4.9% of the 122.1 million ETH supply it cited. Reaching 5% at that supply level would require about 6.105 million ETH, leaving BitMine roughly 103,700 ETH short of the mark. At its 12-week average purchase rate, closing that gap would take about 4.8 weeks, though the estimate could shift if the company changes its buying pace. BitMine had previously expected to reach 5% in late 2026 and deliberately slowed purchases in May.
What happens once the target is reached
Tom Lee said in an August Bankless interview that holding more than 5% could make sense if Ethereum's use expands and more enterprises begin holding ETH. However, he said BitMine would probably revisit the question in 2027. If the company decides to stay around 5%, Lee said it could sell ETH generated from staking rewards to keep its share of supply from rising further. He said BitMine would not need to sell ETH for cash management and would more likely find productive uses for its holdings.
Lee also said MAVAN, BitMine's institutional staking platform, was handling more than $2 billion in crypto from outside clients as the company expands beyond simply accumulating Ether. In July, BitMine said it generated $45.7 million from Ether staking and validation in the quarter ended May 31. That accounted for 98% of its $46.5 million in total revenue that quarter.
Source: Cointelegraph
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