BitMine on Track to Hit 5% ETH Target in Weeks Amid Rapid Accumulation

BitMine Immersion Technologies is rapidly accumulating Ether (ETH), and its chairman Tom Lee says it may reach its goal of holding 5% of Ethereum's total supply within weeks.

The company has reported acquiring about 259,000 ETH since July 13, 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.

At this rate, BitMine would reach its 5% target in about 4.8 weeks if it maintains its current purchase pace. This is a significant acceleration from its previous projection of reaching 5% in late 2026.

Once BitMine reaches its goal, it may consider selling Ether generated from staking rewards to prevent its share of the supply from increasing. Lee said that holding more than 5% could make sense if Ethereum's use expands and more enterprises begin holding ETH.