BitMine Seen Reaching 5% of Ethereum Supply by Early November, With 103,700 ETH Still Needed
Summary
- BitMine said it currently holds 6,001,302 ETH, equal to about 4.9% of total ETH supply.
- The company has been buying an average of 21,600 ETH a week, putting it on track to reach 6.105 million ETH, or 5% of total ETH supply, in about 4.8 weeks.
- Chairman Tom Lee said BitMine could buy more beyond 5% if corporate ETH holdings increase, and also mentioned the possibility of considering sales of 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 September 29.
As of September 28, BitMine held 6,001,302 ETH, the report said. That equals about 4.9% of the company's stated total Ethereum supply figure of 122.1 million ETH.
Five percent of that supply is 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 September 28 showed BitMine bought an average of about 21,600 ETH a week. At that pace, the company would reach the target in about 4.8 weeks.
BitMine had originally expected to reach the 5% mark by the end of this year, but its recent faster pace of purchases has increased the odds that it gets there sooner.
BitMine Chairman Tom Lee said in an August interview that the company could buy more beyond the 5% threshold if Ethereum adoption expands and more corporations increase their ETH holdings. He added that the issue would likely be reviewed again in 2027.
Lee also said that if BitMine decides to keep its holdings at around 5% of supply, the company could consider selling ETH generated through staking rewards to prevent its share of total supply from rising further.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.