BitMine Closing in on 5% Ethereum Supply Target
BitMine Immersion Technologies is on track to reach its target of holding 5% of the Ethereum (ETH) supply, according to recent disclosures. As of September 28, the company reported holding 6,001,302 ETH, or approximately 4.9% of the cited 122.1 million ETH supply figure. To reach 5%, BitMine would need to acquire around 103,700 ETH.
Based on its weekly updates from July 13 to September 28, Cointelegraph estimates that BitMine has been purchasing an average of approximately 21,600 ETH per week. If this pace continues, the company could reach its target by early November, which is roughly 4.8 weeks away.
BitMine's chairman, Tom Lee, previously mentioned in an August Bankless interview that holding more than 5% could be reasonable if Ethereum's real-world usage expands and more enterprises decide to hold ETH. However, he also suggested that the company would likely revisit this question in 2027 and may need to sell Ether generated from staking rewards to maintain its target exposure.
The stakes here are not just symbolic, as BitMine's approach is effectively a long-horizon commitment to a particular share of Ethereum supply. This can matter to how the market views large holders' behavior and to how investors think about potential future selling pressures tied to staking economics.