BitMine Nears 5% of Ether Supply, Raising Questions on What Comes Next

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

BitMine’s Weekly ETH Buying Pace

A review of BitMine’s 12 weekly updates from July 13 through Sept. 28 shows the company added about 259,000 ETH, averaging roughly 21,600 ETH per week. As of Sunday, BitMine held 6,001,302 ETH, equal to 4.9% of the 122.1 million ETH supply it cited. Reaching 5% requires about 6.105 million ETH, leaving the company roughly 103,700 ETH short, a gap its recent pace could close in under five weeks. BitMine had earlier expected to hit 5% by late 2026 and deliberately slowed its buying in May.

Tom Lee Weighs Options Beyond the 5% Goal

In an August interview, Chairman Tom Lee said holding above 5% could make sense if Ethereum use grows and more companies start holding ETH, though the decision will likely wait until 2027. If BitMine holds steady at 5%, Lee said it could sell staking rewards rather than core holdings to keep its share from rising.

Staking Business Expands Alongside Holdings

MAVAN, BitMine’s staking platform, now manages more than $2 billion for outside clients. In July, staking and validation brought in $45.7 million, nearly all of its quarterly revenue.