BitMine could hit its 5% Ether supply target within weeks — then what?
BitMine could reach 5% of Ether’s supply by early November, while Tom Lee has left open whether it would continue buying beyond that level.
BitMine, the Ethereum treasury company, could reach its goal of holding 5% of Ether's supply by early November if its recent buying pace continues. According to a review of BitMine's 12 weekly updates, the company acquired approximately 259,000 Ether (ETH), averaging around 21,600 ETH per week. As of Sunday, BitMine held 6,001,302 ETH, which represents 4.9% of the total 122.1 million ETH supply.
To reach 5%, BitMine would need about 6.105 million ETH, leaving a gap of roughly 103,700 ETH. Maintaining its current 12-week average purchase rate could close this gap in approximately 4.8 weeks, although this estimate may change if the company adjusts its buying pace. In August, BitMine Chairman Tom Lee suggested that maintaining a 5% supply could be beneficial if Ethereum's use expands and more enterprises start holding ETH.
He mentioned that BitMine might sell ETH generated from staking rewards to prevent its share from growing, and the company would likely find productive uses for its holdings if it decides to stay at 5%. Additionally, BitMine's staking platform, MAVAN, handled over $2 billion in crypto from external clients, indicating the company's expansion beyond simply accumulating Ether.
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