BitMine Nears 5% Ether Supply Target After Topping 6M ETH

Ethereum treasury company BitMine Immersion Technologies could reach its goal of holding 5% of Ether’s supply by early November if its recent buying pace continues.

A Cointelegraph review of BitMine’s 12 weekly updates issued from July 13 through Sept. 28 shows the company reported acquiring about 259,000 Ether (ETH), averaging roughly 21,600 ETH per week. BitMine reported 6,001,302 ETH as of Sunday, equal to 4.9% of the 122.1 million ETH supply it cited.  

At this supply level, 5% would equate to about 6.105 million ETH, leaving BitMine roughly 103,700 ETH short. Maintaining its 12-week average purchase rate would close the gap in 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 after BitMine reaches its 5% target? 

In an August Bankless interview, BitMine Chairman Tom Lee said 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 remain around 5%, Lee said it could sell ETH generated from staking rewards to prevent its share of supply from increasing. He said the company would not need to sell ETH for cash management and would be more likely to find productive ways to use 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.

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In July, BitMine said it generated $45.7 million from Ether staking and validation in the quarter ended May 31, accounting for 98% of its $46.5 million in total revenue.

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