BitMine eyes 5% of all Ether by November — then has to figure out what comes next 🤔

BitMine Immersion Technologies is on pace to reach its target of holding 5% of Ether's circulating supply within roughly five weeks if its recent acquisition cadence holds, according to a review of the company's 12 weekly updates from July 13 through Sept. 28. The company reported purchasing about 259,000 Ether ($ETH) over that span, averaging roughly 21,600 ETH per week. As of Sunday, BitMine reported holdings of 6,001,302 ETH, equivalent to 4.9% of the 122.1 million ETH supply the company cited. Reaching 5% would require about 6.105 million ETH, leaving BitMine roughly 103,700 ETH short of its goal.

At its 12-week average rate, BitMine would close that gap in about 4.8 weeks, putting the milestone on track for early November. The estimate could shift if the company adjusts its buying pace. BitMine had previously expected to reach the 5% mark in late 2026 and deliberately slowed purchases in May.

In an August interview on Bankless, BitMine Chairman Tom Lee outlined what could follow once the target is met. "Holding more than 5% could make sense if Ethereum's use expands and more enterprises begin holding ETH," Lee said, adding that the company would likely revisit the question in 2027. Lee said that if BitMine decides to stay near 5%, it could sell ETH generated from staking rewards to keep its share of supply from rising, and that the company would not need to sell ETH for cash management, instead seeking productive uses for its holdings.

Lee also said MAVAN, BitMine's institutional staking platform, was handling more than $2 billion in crypto from outside clients as the company broadens its focus beyond accumulating Ether. In July, BitMine reported $45.7 million in revenue from Ether staking and validation in the quarter ended May 31, accounting for 98% of its $46.5 million in total revenue for the period.