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BitMine could hit its 5% Ether supply target within weeks — then what?
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- DeepHorus
BitMine Immersion Technologies could reach its target of owning 5% of Ether’s supply by early November if its recent buying pace continues. The Ethereum treasury company held 6,001,302 ETH as of Sept. 28, equal to 4.9% of the 122.1 million ETH supply it cited. The milestone would concentrate 5% of Ether’s supply in one treasury company.
A review of 12 weekly updates from July 13 through Sept. 28 found that BitMine acquired about 259,000 ETH. Purchases averaged roughly 21,600 ETH per week, though the timetable depends on sustaining that rate. The company has alternated between rapid buying and deliberate restraint.
At the cited supply level, 5% equals about 6.105 million ETH. BitMine was roughly 103,700 ETH short, a gap that could close in 4.8 weeks at the 12-week average. Changes in buying speed or Ether’s total supply could shift that projection.
BitMine had previously expected to reach 5% in late 2026, and it deliberately slowed purchases in May. Its faster buying during the reviewed period brought the target forward. The acceleration now raises questions about treasury strategy beyond accumulation.
In an August Bankless interview, Chairman Tom Lee said holding above 5% could make sense if Ethereum’s use expands and more enterprises hold ETH. He said BitMine would probably revisit the question in 2027 rather than commit to further buying. If it remains near 5%, Lee said the company could sell staking-reward ETH to keep its supply share from rising.
Lee also said BitMine would not need ETH sales for cash management and could find productive uses for its holdings. Its MAVAN staking platform was handling more than $2 billion in outside-client crypto as it expanded beyond accumulation. In the quarter ended May 31, Ether staking and validation generated $45.7 million, or 98% of $46.5 million in revenue.
