BitMine Nears 5% Ether Supply Target, Could Hit Goal in Weeks

5% Ether supply — Ethereum treasury company BitMine Immersion Technologies is on pace to acquire 5% of Ether’s total supply by early November, raising questions about its strategy once the target is met.

Based on its weekly disclosures from July 13 through September 28, BitMine has been buying an average of 21,600 ETH per week. The company reported holding 6,001,302 ETH as of Sunday, representing 4.9% of the supply it tracks, leaving it roughly 103,700 ETH short of the 5% goal. At its recent average pace, it would close that gap in under five weeks.

In a recent interview, BitMine Chairman Tom Lee indicated the company would likely revisit its accumulation strategy in 2027. He suggested that holding more than 5% could be justified if Ethereum’s utility expands, but if the company decides to maintain its share, it could sell staking rewards to prevent its ownership from growing.

Lee also noted that BitMine’s institutional staking platform, MAVAN, is now handling over $2 billion in crypto from external clients, signaling an expansion beyond simple ETH accumulation. For the quarter ended May 31, staking and validation accounted for 98% of the company’s $46.5 million in total revenue.