BitMine Immersion Technologies is rapidly approaching its goal of holding 5% of the total Ether supply, potentially achieving this milestone by early November. The company has been acquiring approximately 21,600 ETH per week, with a total of around 259,000 ETH purchased since mid-July.
As of the latest update, BitMine holds 6,001,302 ETH, which is 4.9% of the 122.1 million ETH supply. To reach the 5% target, BitMine needs to acquire about 103,700 more ETH, which could take roughly 4.8 weeks at the current buying rate.
BitMine's Chairman, Tom Lee, has indicated that while exceeding 5% may be beneficial if Ethereum's adoption grows, the company will reassess its strategy in 2027. If they choose to maintain their 5% stake, they might sell ETH earned from staking rewards instead of increasing their supply share.
Additionally, BitMine's institutional staking platform, MAVAN, is managing over $2 billion in crypto from external clients, marking a significant expansion beyond merely accumulating Ether. In the last quarter, BitMine reported $45.7 million in revenue from Ether staking, underscoring the importance of this strategy to their overall financial health.