BitMine Eyes 5% of Ethereum Supply as Target Nears

BitMine Immersion Technologies is rapidly accumulating Ether (ETH) and could reach its goal of holding 5% of the total supply within weeks. According to a Cointelegraph review of BitMine's 12 weekly updates, the company has been purchasing approximately 21,600 ETH per week since July 13. As of September 28, BitMine reported acquiring around 259,000 Ether and held a total of 6,001,302 ETH, which is equivalent to 4.9% of the 122.1 million ETH supply.

If this buying pace continues, BitMine will close the gap to its target in approximately 4.8 weeks, reaching around 103,700 Ether short. In May, BitMine deliberately slowed its purchases and had initially expected to reach the 5% mark by late 2026.

In an August interview with Bankless, BitMine Chairman Tom Lee stated that holding more than 5% of the supply might make sense if Ethereum's use expands and more enterprises begin holding ETH. However, he said the company would likely revisit this question in 2027. If it decides to remain at 5%, Lee suggested that BitMine could sell Ether generated from staking rewards to prevent its share of the supply from increasing.