BitMine Accelerates Ether Accumulation Towards 5% Milestone

BitMine Immersion Technologies is rapidly accumulating ether, and its latest update suggests it could reach its goal of holding 5% of the circulating ether supply by early November. According to a Cointelegraph review of BitMine's weekly disclosures, the company has been buying an average of around 21,600 ETH per week since mid-July.

This pace would put BitMine over the 5% threshold in roughly four and a half weeks, assuming it continues at this rate. The company currently holds 6,001,302 ETH, which represents about 4.9% of its reference supply figure of 122.1 million ETH. To reach the 5% goal, BitMine would need to acquire around 103,700 additional ETH.

BitMine's Chairman Tom Lee said that after hitting 5%, the company might consider managing its stake via staking-reward decisions rather than selling for cash needs. This implies that BitMine may have a strategy in place to maintain its supply share percentage.