BitMine Seen Reaching 5% of Ethereum Supply by Early November, With 103,700 ETH Still Needed
Summary
- BitMine holds 6,001,302 ETH, equal to about 4.9% of total Ethereum supply.
- If it buys an average of 21,600 ETH a week, it could reach its target of 6.105 million ETH, or 5% of supply, in about 4.8 weeks.
- Chairman Tom Lee said the company could buy beyond 5% if Ethereum adoption expands and corporate ETH holdings increase, and could also consider selling staking-reward ETH.
Forecast Trend Report by Period
BitMine Immersion Technologies could hold 5% of Ethereum's total supply by early November if it maintains its current pace of purchases, Cointelegraph reported on Sept. 29.
As of Sept. 28, BitMine held 6,001,302 ETH, equal to about 4.9% of the company's stated total Ethereum supply figure of 122.1 million ETH, the report said.
Five percent of that supply amounts to about 6.105 million ETH, leaving BitMine roughly 103,700 ETH short of its target. Cointelegraph's analysis of the company's purchases over the 12 weeks from July 13 to Sept. 28 showed that BitMine bought an average of about 21,600 ETH a week. At that pace, it would reach the goal in about 4.8 weeks.
BitMine had originally expected to reach the 5% mark by the end of this year, but its faster recent buying suggests that timeline could move up.
Chairman Tom Lee said in an August interview that the company could consider purchases beyond 5% of supply if Ethereum adoption broadens and corporate ETH holdings continue to increase. He added that the issue would most likely be reviewed again in 2027.
Lee also said that if BitMine decides to keep its ownership stake at around 5%, it could consider selling ETH generated through staking rewards to prevent its share of total supply from rising further.
