BitMine Nears 5% Ether Supply Target After Topping 6 Million ETH
Key Takeaways
- •BitMine's weekly reports from July 13 through Sept. 28 show purchases of roughly 259,000 ETH, averaging 21,600 ETH per week, bringing holdings to 6,001,302 ETH, or 4.9% of the 122.1 million ETH supply figure it cited.
- •The company needs about 103,700 more ETH to hit its 5% goal, and sustaining its 12-week average pace would close the gap in roughly 4.8 weeks, potentially by early November.
- •BitMine had originally projected reaching the 5% threshold in late 2026 and deliberately slowed its buying in May.
- •Chairman Tom Lee said holding beyond 5% could be justified if Ethereum's usage and enterprise adoption grow, with the company likely revisiting the question in 2027, and staking rewards could be sold to keep its supply share from rising.
- •BitMine's MAVAN institutional staking platform manages more than $2 billion in outside client crypto, and staking and validation revenue of $45.7 million accounted for 98% of its $46.5 million total in the quarter ended May 31.
Ethereum treasury company BitMine Immersion Technologies (BMNR) could reach its goal of holding 5% of Ether's supply by early November if its recent pace of buying continues — a scale equal to roughly one in every twenty Ether.
A Cointelegraph review of BitMine's 12 weekly updates issued between July 13 and Sept. 28 shows the company reported acquiring approximately 259,000 Ether (ETH), an average of 21,600 ETH per week. BitMine reported holding 6,001,302 ETH as of Sunday, equal to 4.9% of the 122.1 million ETH supply it cited.
At that supply level, 5% would equate to about 6.105 million ETH, leaving BitMine roughly 103,700 ETH short of the milestone. Maintaining its 12-week average purchase rate would close the gap in about 4.8 weeks, though the estimate could shift if the company adjusts its buying pace. BitMine had previously expected to reach the 5% threshold in late 2026 and deliberately slowed its purchases in May. Its weekly updates will show whether that pace holds into early November.
What happens after BitMine reaches its 5% target?
In an August interview with Bankless, BitMine Chairman Tom Lee said holding more than 5% could make sense if Ethereum's use expands and more enterprises begin holding ETH. He added, however, that BitMine would probably revisit the question in 2027.
Should the company decide to remain around 5%, Lee said it could sell ETH generated from staking rewards — income earned by staking ETH to help validate transactions and secure the network — to keep its share of supply from increasing. He noted that BitMine would not need to sell ETH for cash management and would be more likely to find productive ways to use its holdings.
Lee also said MAVAN, BitMine's institutional staking platform, was handling more than $2 billion in crypto from outside clients as the company expands beyond simply accumulating Ether into providing staking services for outside clients.
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 $46.5 million in total revenue — meaning nearly all of the company's income already comes from staking as its treasury strategy scales.
