BitMine on track to achieve 5% Ethereum holdings milestone in coming weeks — what's next?
At its current acquisition pace, BitMine may control 5% of Ethereum's total supply by early November, though Tom Lee hasn't confirmed whether purchases will extend past this threshold.
If BitMine Immersion Technologies maintains its current acquisition velocity, the Ethereum treasury firm could achieve its objective of controlling 5% of Ether's total supply as soon as early November.
An analysis by Cointelegraph of BitMine's dozen weekly reports published between July 13 and Sept. 28 reveals the firm documented purchasing approximately 259,000 Ether (ETH), which translates to an average of around 21,600 ETH weekly. According to Sunday's disclosure, BitMine held 6,001,302 ETH, representing 4.9% of the 122.1 million ETH circulation figure the company referenced.
Based on the current supply metrics, reaching 5% ownership would require approximately 6.105 million ETH, meaning BitMine needs to acquire roughly 103,700 additional ETH. If the company sustains its 12-week average acquisition velocity, this remaining gap could be bridged in approximately 4.8 weeks, although this timeline could fluctuate depending on whether BitMine adjusts its purchasing strategy.
The company had initially projected achieving the 5% threshold in late 2026 and intentionally reduced its acquisition activity in May.
What happens after BitMine reaches its 5% target?
During an interview with Bankless in August, BitMine Chairman Tom Lee suggested that accumulating beyond 5% might be justified if Ethereum adoption accelerates and additional corporations start adding ETH to their balance sheets. That said, he indicated BitMine would likely reassess this strategic decision in 2027.
Should the organization choose to maintain its position at approximately 5%, Lee explained it might divest ETH earned through staking rewards to avoid increasing its percentage of total supply. He emphasized the company wouldn't need to liquidate ETH for liquidity purposes and would more likely identify productive applications for its accumulated holdings.
Lee further disclosed that MAVAN, BitMine's enterprise-grade staking solution, was managing over $2 billion in digital assets from external clients as the firm diversifies its operations beyond pure Ether accumulation.
During July, BitMine reported earning $45.7 million from Ether staking and validation activities during the quarter that concluded on May 31, which represented 98% of the company's $46.5 million total revenue for that period.