Ethereum-focused treasury firm BitMine Immersion Technologies says it is closing in on a milestone that would put its Ether holdings at 5% of the token supply it cites—potentially as early as early November if its recent accumulation pace holds. The company’s latest disclosures show it has already built a substantial position, leaving only a comparatively small gap to the target.
According to Cointelegraph’s review of BitMine’s weekly updates published between July 13 and Sept. 28, the firm reported purchasing a combined total of about 259,000 ETH during that span, or roughly 21,600 ETH per week on average. In its most recent filing, BitMine reported holding 6,001,302 ETH as of Sunday, which it equated to 4.9% of an ETH supply figure of 122.1 million used in its reporting.
Key takeaways
- BitMine reported 6,001,302 ETH, or about 4.9% of the 122.1 million ETH supply figure it cited.
- Cointelegraph’s review of 12 weekly updates indicates an average purchase pace of roughly 21,600 ETH per week from mid-July to late September.
- Reaching a 5% holding level would imply about 6.105 million ETH under BitMine’s cited supply math, leaving roughly 103,700 ETH to acquire.
- At the recent average rate, closing that gap would take about 4.8 weeks, though the timeline could change if BitMine adjusts its buying pace.
- BitMine has previously signaled it slowed Ether purchases in May and discussed reassessing its approach after hitting the 5% threshold.
How close BitMine is to the 5% milestone
BitMine’s reported holdings put it just under its 5% objective. Using the same supply baseline referenced in the company’s reporting—122.1 million ETH—5% corresponds to roughly 6.105 million ETH. With 6,001,302 ETH in its treasury, BitMine would be short by about 103,700 ETH to reach the stated threshold.
Cointelegraph’s assessment is based on BitMine’s 12 weekly updates covering July 13 through Sept. 28. In those updates, BitMine indicated it acquired about 259,000 ETH in total. Dividing that amount by the number of weeks in the reported window yields an average acquisition rate near 21,600 ETH per week.
If BitMine continues buying at that pace without changing strategy, Cointelegraph estimates the remaining gap could be filled in roughly 4.8 weeks. That would place the “5% reached” date in early November, though the exact outcome depends on whether BitMine keeps the same weekly purchase intensity in subsequent updates.
What changed earlier: the deliberate slowdown
BitMine’s near-term outlook stands on top of an earlier shift in strategy. Cointelegraph reported that BitMine had “deliberately slowed” its Ether purchases in May, a move tied to management expectations for later completion of its supply-percentage goal.
At the time, the company’s timeline pointed to reaching 5% by late 2026—suggesting that the recent trajectory toward early November would represent an acceleration relative to those earlier plans. The latest weekly pace shown in the July-to-September updates indicates that BitMine is now building faster than what its earlier schedule implied, even though the firm’s stated targets have remained anchored to the same general percentage objective.
After the target: expectations for 5% versus going beyond it
Reaching 5% is not necessarily the end of BitMine’s planning. In an August Bankless interview, BitMine chairman Tom Lee said holding more than 5% could still be reasonable if Ethereum’s real-world usage expands and more enterprises decide to hold ETH. At the same time, Lee suggested the company would likely revisit the question in 2027, framing the 5% level as an important benchmark rather than a permanent cap.
Lee also outlined a potential mechanism for preventing its ownership share from rising further once it is near the target. If BitMine chooses to stay around 5%, he said it could sell ETH generated from staking rewards so that additional issuance does not push its percentage upward.
In the interview, Lee emphasized that such sales would be related to maintaining target exposure rather than liquidity management. He indicated BitMine would be more inclined to find “productive” uses for its holdings and would not necessarily need to sell ETH simply to fund operations or cash management.
The stakes here are not just symbolic. BitMine’s approach is effectively a long-horizon commitment to a particular share of Ethereum supply, which can matter to how the market views large holders’ behavior and to how investors think about potential future selling pressures tied to staking economics.
Staking economics and BitMine’s broader platform
BitMine’s Ether strategy is tied to more than accumulation. The company has also pointed to staking as a core revenue driver. In July, BitMine said it generated $45.7 million from Ether staking and validation in the quarter ended May 31, representing 98% of its $46.5 million total revenue for that period. That underscores why staking rewards—and the accounting decision about whether to sell them—may be central to how BitMine manages its position over time.
Lee told Bankless that MAVAN, BitMine’s institutional staking platform, was handling more than $2 billion in crypto from external clients as the company expands beyond merely accumulating Ether. If the firm continues to grow its institutional staking business, the ability to earn revenue without always relying on additional spot purchases could influence how it maintains its target share and how much it needs to buy to keep pace with the supply-percentage goal.
What to watch next
Readers tracking BitMine should focus on the next few weekly updates to see whether the firm sustains its recent ~21,600 ETH per week pace or adjusts it again. The key uncertainty for the “early November” estimate is whether BitMine keeps buying at the same rate as it approaches the 5% threshold—and whether it begins laying out more detailed plans for managing staking rewards once the target is reached.
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