BitMine Immersion Technologies may reach 5% of the total Ethereum (ETH) supply by early November if it maintains its current purchase rate. According to Cointelegraph, the company has acquired approximately 259,000 ETH from July 13 to September 28, averaging 21,600 ETH per week. Currently, BitMine holds 6,001,302 ETH, which is 4.9% of the total supply of 122.1 million ETH. To achieve 5%, BitMine will need to have about 6,105 million ETH, leaving the company short by 103,700 ETH. At the current average purchase rate, the time to reach the target is estimated at 4.8 weeks, but this timeframe may change with fluctuations in purchase rates.
Previously, BitMine planned to reach this level by the end of 2026 and intentionally slowed down purchases in May. In an interview with Bankless in August, BitMine's chairman, Tom Lee, noted that holding more than 5% could make sense if Ethereum usage increases and more enterprises start holding ETH. However, he stated that the company is likely to revisit this issue in 2027.
If BitMine decides to stay around the 5% level, Lee added that it may sell ETH earned from staking rewards to prevent increasing its share of the supply. He also stated that the company will not need to sell Ethereum to manage cash flows and will instead find productive ways to utilize its assets. Additionally, Lee mentioned that the institutional staking platform MAVAN processes over $2 billion in cryptocurrency from external clients. In July, BitMine also reported receiving $45.7 million from staking and validating Ethereum in the quarter ending May 31, which accounted for 98% of total revenue of $46.5 million.
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