Ethereum treasury company BitMine Immersion Technologies is edging closer to its stated goal of holding 5% of the circulating ether supply. Based on a Cointelegraph review of the company’s weekly disclosures, BitMine’s pace of ether accumulation suggests the target could be reached by early November—assuming it continues buying at a similar rate.
In its latest public update, BitMine reported holding 6,001,302 ETH as of Sunday, which it described as 4.9% of an ether supply figure of 122.1 million. Reaching 5% of that referenced supply would require roughly 6.105 million ETH, leaving BitMine about 103,700 ETH short under the same assumptions.
Key takeaways
- BitMine reported 6,001,302 ETH in its most recent disclosure, about 4.9% of the ether supply figure it cited (122.1 million ETH).
- Cointelegraph’s review of 12 weekly updates from July 13 to Sept. 28 points to an average purchase rate near 21,600 ETH per week.
- At that average pace, closing the remaining gap to 5% could take roughly 4.8 more weeks, though the timeline could change if BitMine alters its buying cadence.
- BitMine previously said it slowed its ether buying in May and had earlier expected a 5% milestone in late 2026.
- After hitting 5%, Chairman Tom Lee said BitMine would likely consider managing its stake via staking-reward decisions rather than selling for cash needs.
What the latest ether holdings imply
According to Cointelegraph’s analysis, BitMine’s weekly reports over a 12-week window—covering updates issued from July 13 through Sept. 28—show the company acquired about 259,000 ETH in total. That works out to an average of roughly 21,600 ETH per week.
Using BitMine’s own supply reference of 122.1 million ETH, the 5% threshold translates to about 6.105 million ETH. With holdings reported at 6,001,302 ETH, the company would need approximately 103,700 additional ETH to reach the goal—an amount that aligns with just under five weeks at the observed average buying rate.
However, the estimate is conditional. If BitMine slows purchases again—something it has done before—the projected date would move. Conversely, an acceleration would shorten the timetable.
How BitMine changed its plan earlier this year
BitMine’s approach has not been static. The company had previously expected to reach 5% in late 2026, and it deliberately slowed its purchases in May. That earlier decision matters because it suggests the company views its ether accumulation as a controllable strategy rather than an automatic continuation of prior momentum.
Still, the more recent weekly update pattern indicates the accumulation rate has been strong since mid-July. In other words, the near-term path to 5% appears tied to whether BitMine sustains the current buying cadence after already making adjustments earlier in the year.
What happens if BitMine goes beyond 5%
Reaching 5% is not presented as the end of the story. In an August Bankless interview, BitMine Chairman Tom Lee discussed how a larger position could become rational depending on Ethereum’s broader adoption.
Lee said holding more than 5% could make sense if Ethereum’s use expands and more enterprises hold ether. He also indicated BitMine would likely revisit the question in 2027 rather than treating 5% as a hard stop for every scenario.
Crucially, Lee suggested BitMine might avoid letting its share of total supply naturally grow through staking. One potential method would be selling ether produced as staking rewards to keep its percentage near the desired level. In his view, that would be for maintaining the target share—not for meeting cash management needs. He said BitMine would be more likely to use its holdings in “productive ways” instead of selling to fund operations.
That framing highlights an important operational tension for large ETH holders: staking rewards can increase holdings over time, and that automatically changes supply-share metrics. If BitMine wants to remain around 5%, it may need an ongoing policy for how rewards are handled—whether reinvested, distributed, or selectively sold to prevent drift.
Staking revenue and BitMine’s expanding role
BitMine’s push toward the 5% milestone is happening alongside a broader staking and institutional offering. Lee told Bankless that MAVAN, BitMine’s institutional staking platform, was handling more than $2 billion in crypto from outside clients as the company expands beyond simple ether accumulation.
The company’s reported revenue mix underscores that staking is central to its operations. In July, BitMine said it generated $45.7 million from ether staking and validation in the quarter ended May 31, accounting for 98% of its total revenue for that period. That detail supports the idea that BitMine’s supply-share goal is intertwined with a business model that depends heavily on staking performance.
For investors and market watchers, this matters because the path to any supply-share target is not only about buying. It also depends on how the company manages staking rewards and operating needs—factors that can influence whether a firm stays near a stated percentage or gradually diverges from it.
As BitMine approaches its 5% objective, readers should watch whether weekly purchase totals continue to match the mid-to-late July through late September average, and whether the company signals any new policy on staking reward handling. Those two elements will likely determine how close the “early November” estimate stays to reality—and whether BitMine plans to hold steady, move higher, or adjust again after reaching the milestone.
Related: BitMine slows ether buying pace toward 5% ETH goal
Related: BitMine-generated returns from ether staking in the quarter ended May 31
Referenced interview: Bankless interview with BitMine Chairman Tom Lee
Company update: BitMine press release on ether holdings reaching over 6 million ETH
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