- BitMine Immersion Technologies currently holds 6,001,302 ETH, representing 4.9% of total supply, and needs roughly 103,700 more ETH to reach its 5% target.
- At its 12-week average purchase rate of about 21,600 ETH per week, the company could hit the 5% milestone by early November.
- Chairman Tom Lee indicated the firm may hold above 5% if Ethereum adoption expands, with a formal review planned for 2027.
BitMine Immersion Technologies, an Ethereum treasury company, could achieve its goal of holding 5% of Ether’s total supply by early November if its recent buying pace continues. The firm reported 6,001,302 ETH as of Sunday, equal to 4.9% of the 122.1 million ETH supply it cited.
A review of 12 weekly updates from July 13 through Sept. 28 shows the company acquired about 259,000 ETH, averaging roughly 21,600 ETH per week. Maintaining that pace would close the 103,700 ETH gap to the 5% target — about 6.105 million ETH — in roughly 4.8 weeks. BitMine had previously expected to reach that threshold in late 2026 and deliberately slowed purchases in May.
Tom Lee, BitMine’s chairman, said in an August interview that holding more than 5% could make sense if Ethereum’s use expands and more enterprises begin holding ETH. He stated the company would probably revisit that question in 2027.
If BitMine decides to remain around 5%, Lee said it could sell ETH generated from staking rewards to prevent its share of supply from increasing. He emphasized the company would not need to sell ETH for cash management and would instead seek productive uses for its holdings.
Lee also noted that MAVAN, BitMine’s institutional staking platform, was handling more than $2 billion in crypto from outside clients as the company expands beyond mere accumulation. In its most recent quarter ended May 31, BitMine generated $45.7 million from Ether staking and validation, accounting for 98% of its $46.5 million in total revenue.
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