Ethereum treasury company BitMine Immersion Technologies could reach its target of holding 5% of Ether's supply by early November if its recent buying pace continues, according to data reviewed from the company's weekly updates between July and late September.
BitMine reported holding 6,001,302 ETH as of late September, representing 4.9% of the 122.1 million ETH supply. Analysis of the company's 12 weekly updates from July 13 through September 28 shows BitMine acquired approximately 259,000 Ether, averaging roughly 21,600 ETH per week. Reaching the 5% target would require approximately 6.105 million ETH, leaving the company about 103,700 ETH short. At its current acquisition rate, closing this gap would take approximately 4.8 weeks.
BitMine had previously expected to reach the 5% milestone in late 2026 before deliberately slowing purchases in May.
Strategy Beyond 5%
BitMine Chairman Tom Lee discussed the company's plans following the 5% milestone in an August interview. Lee indicated that holding more than 5% could make sense if Ethereum's use expands and more enterprises begin holding ETH, though the company would likely revisit the question in 2027.
If BitMine decides to maintain its position around 5%, Lee said the company could sell ETH generated from staking rewards to prevent its supply share from increasing. He noted that BitMine would not need to sell ETH for cash management purposes and would be more likely to find productive uses for its holdings.
Expanding Beyond Accumulation
BitMine's business has grown beyond Ether accumulation. The company's institutional staking platform, MAVAN, was handling more than $2 billion in crypto from outside clients. In the 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.
