BitMine Races Toward 5% Ether Supply Target as Ethereum Adoption Grows

BitMine Immersion Technologies is nearing its goal of holding 5% of the circulating ether supply, according to an analysis of the company's weekly disclosures. As of Sunday, BitMine held 6,001,302 ETH, which represents approximately 4.9% of the 122.1 million ETH in circulation. To reach 5%, the company would need about 103,700 additional ETH.

BitMine has been steadily increasing its ether holdings since mid-July, with an average purchase rate of around 21,600 ETH per week. At this pace, it could reach its goal by early November, assuming no changes to its buying cadence.

In August, BitMine Chairman Tom Lee discussed the company's strategy for managing its ether stake after reaching 5%. He suggested that holding more than 5% could make sense if Ethereum's use expands and more enterprises hold ether, but emphasized that the company would likely revisit this question in 2027 rather than treating 5% as a hard stop.