BitMine Ramps Up Ether Purchases to Reach 5% Target by Early November

BitMine Immersion Technologies is rapidly closing in on its goal of holding 5% of the Ethereum supply, according to recent updates. The company's treasury currently holds 6,001,302 ETH, representing 4.9% of the total supply figure of 122.1 million cited by BitMine.

Based on the firm's weekly purchases between July 13 and September 28, Cointelegraph estimates that BitMine is averaging around 21,600 ETH per week. At this rate, it would take approximately 4.8 weeks to fill the remaining gap of about 103,700 ETH to reach the 5% target.

BitMine's chairman Tom Lee previously stated in an August Bankless interview that holding more than 5% could still be reasonable if Ethereum's real-world usage expands and more enterprises decide to hold ETH. He also mentioned that BitMine would likely revisit the question of its ownership share in 2027, framing the 5% level as a benchmark rather than a permanent cap.

BitMine's approach is tied to staking economics, with the company generating $45.7 million from Ether staking and validation in the quarter ended May 31. This underscores why staking rewards-and the accounting decision about whether to sell them-may be central to how BitMine manages its position over time.

Readers tracking BitMine should focus on the next few weekly updates to see whether the firm sustains its recent pace or adjusts it again, as the key uncertainty for the 'early November' estimate is whether BitMine keeps buying at the same rate as it approaches the 5% threshold.