BitMine on Track to Reach 5% of Ethereum Supply by Early November
BitMine, a company specializing in Ethereum-related activities, is rapidly accumulating ETH and may soon reach 5% of the total supply. As of September 28, BitMine held approximately 6,001,302 ETH, which represents about 4.9% of the stated total supply figure of 122.1 million ETH.
The company has been purchasing an average of 21,600 ETH per week over the past 12 weeks, indicating a steady pace of accumulation. If this trend continues, BitMine is likely to reach its target of 6.105 million ETH, or 5% of total supply, in approximately 4.8 weeks.
In an interview, Chairman Tom Lee mentioned that if Ethereum adoption expands and more corporations increase their ETH holdings, the company may buy even more beyond the 5% threshold. He also hinted at selling staking reward ETH to prevent its share of total supply from rising further, should it choose to maintain its current holdings.