BitMine Sets Sights on 5% Ethereum Share with Aggressive Acquisition Pace

BitMine Immersion Technologies is rapidly accumulating Ethereum, aiming to reach its goal of owning 5% of the total supply. Chairman Tom Lee revealed in a recent podcast interview that the company could achieve this target by the end of 2026.

The math behind BitMine's acquisition pace is impressive, with the company having built its ETH stack in just 14 months. This contrasts sharply with Michael Saylor's MicroStrategy, which took six years to gather 4.19% of all Bitcoin in circulation.

BitMine has used common stock to fund its purchases, avoiding loans or convertible notes that have been employed by rival treasuries and led to their downfall.

With a remaining $350 million worth of ETH needed to reach the 5% mark, Lee stated that BitMine could achieve this goal before the end of the year. However, there's a catch, Ethereum's supply is not fixed and has been growing, with an additional 85,893 tokens added over the past 30 days.

BitMine currently holds 5.847 million ether, which represents 4.79% of all existing ETH. To reach the desired 5%, the company needs to acquire approximately 251,000 more tokens, worth around $620 million at Monday's price.