BitMine Eyes 5% Ether Target as Buying Pace Accelerates

BitMine Immersion Technologies is rapidly accumulating Ether and may reach its goal of holding 5% of the total supply by early November. According to a review of the company's weekly updates from July 13 to September 28, BitMine has been acquiring an average of about 21,600 Ether per week, totaling approximately 259,000 Ether so far.

This leaves BitMine roughly 103,700 Ether short of its target, which would equate to about 6.105 million Ether in total supply. If the company maintains its current buying pace, it could reach 5% within about 4.8 weeks, though this estimate may shift if the company changes its purchasing rate.

BitMine Chairman Tom Lee stated that holding more than 5% of the supply might make sense if Ethereum's usage expands and more enterprises begin holding Ether. However, he noted that the company would likely revisit this question in 2027. To prevent its share of the supply from increasing, BitMine could sell Ether generated from staking rewards.

Lee also mentioned that MAVAN, BitMine's institutional staking platform, is handling more than $2 billion in crypto from outside clients as the company expands beyond simply accumulating Ether.