BitMine on Track to Reach 5% Ethereum Supply Target by Early November

BitMine Immersion Technologies is rapidly accumulating Ether, and if its current pace holds, it could reach its target of holding 5% of the total Ethereum supply in just a few weeks. The company's latest disclosures show it has already purchased around 259,000 ETH since mid-July, with an average acquisition rate of roughly 21,600 ETH per week.

Based on this pace, BitMine is expected to reach its target of 5% by early November, assuming it continues buying at the same intensity. To put this into perspective, reaching a 5% holding level would imply around 6.105 million ETH under BitMine's cited supply math, leaving roughly 103,700 ETH to acquire.

BitMine's chairman, Tom Lee, has previously signaled that the company might slow down its Ether purchases once it hits the 5% target. In an August interview with Bankless, Lee suggested that holding more than 5% could still be reasonable if Ethereum's real-world usage expands and more enterprises decide to hold ETH.