BitMine, the Ethereum treasury company, is closing in on its stated goal of owning 5% of the network’s supply. The company reported holding 6,001,302 ETH as of Sunday, equal to 4.9% of the 122.1 million ETH supply it cited. At its current pace, it could reach the target by early November.
The company has been buying roughly 21,600 ETH per week since July 13, according to a Cointelegraph review of its 12 weekly updates. That pace has carried it to within 103,700 ETH of the 5% mark, which would require roughly 4.8 more weeks at the same rate.
BitMine’s path to 5%
BitMine publicly announced its 5% target last year. The company had previously expected to reach that level in late 2026 and deliberately slowed purchases in May to avoid hitting the milestone too quickly. The new timeline suggests the company has accelerated again.
The 4.9% figure comes from the company’s own reporting. It cited a 122.1 million ETH supply as of Sunday, and its 6,001,302 ETH holding puts it at 4.9%. Reaching 5% would mean holding roughly 6.105 million ETH.
The gap is small. BitMine would need to buy about 103,700 ETH more to cross the threshold. At 21,600 ETH per week, that works out to about 4.8 weeks. The company’s weekly reports show a consistent record of acquisition, with each update moving it closer to the target.
What Tom Lee said about 5%
Tom Lee, BitMine’s chairman, has weighed in on what happens once the company reaches the target. In an August Bankless interview, he said holding more than 5% could make sense if Ethereum’s use expands and more enterprises begin holding ETH.
He also said the company would probably revisit the question in 2027. That timing suggests Lee sees the 5% target as a starting point, not a ceiling.
“If the company decides to remain around 5%, Lee said it could sell ETH generated from staking rewards to prevent its share of supply from increasing,” the report states. He added that the company would not need to sell ETH for cash management and would be more likely to find productive ways to use its holdings.
Lee also discussed MAVAN, BitMine’s institutional staking platform. He said MAVAN was handling more than $2 billion in crypto from outside clients as the company expands beyond simply accumulating Ether.
The staking income behind the buying
BitMine generates revenue from staking and validation. In July, the company reported generating $45.7 million from Ether staking and validation in the quarter ended May 31. That accounted for 98% of its $46.5 million in total revenue.
The revenue supports the buying. The company has not disclosed a specific budget for acquisitions, but the steady weekly purchases suggest a deliberate strategy rather than opportunistic trading.
What happens after 5%
The key question is what BitMine does when it crosses the threshold. Lee’s comments offer three possible paths:
- Hold more than 5% if Ethereum’s use expands and more enterprises hold ETH.
- Sell staking rewards to keep its share stable.
- Revisit the question in 2027.
The third option is notable. It implies that the 5% target is not permanent. BitMine could choose to hold more, hold less, or hold the same amount while letting its holdings grow organically through staking rewards.
Lee’s framing suggests the decision will depend on how Ethereum evolves. If more enterprises adopt ETH as a store of value, BitMine might see demand for a larger reserve. If the market stabilizes, it might sell rewards to cap its share.
The broader picture
BitMine’s accumulation has been steady enough to draw attention. The company has reported its progress weekly since July 13, giving watchers a clear record of its position.
The 4.9% figure is significant. A single entity holding 5% of a major asset’s supply is a notable concentration of ownership. Whether that concentration grows, shrinks, or stabilizes depends on decisions BitMine has yet to make public.
Key facts
- BitMine holds 6,001,302 ETH (4.9% of supply)
- Target: 5% of the 122.1 million ETH supply, or roughly 6.105 million ETH
- Current weekly buys: roughly 21,600 ETH
- Time to target: about 4.8 weeks at current pace
- Q2 staking revenue: $45.7 million, 98% of $46.5 million total revenue
- MAVAN handles more than $2 billion in crypto from outside clients
The verdict
BitMine is on track to reach 5% within weeks. The company has moved faster than its earlier estimates, and its weekly reports show a consistent pattern of acquisition.
Lee’s comments suggest the company is thinking strategically about what comes next. The 5% target is not an end point; it is a starting point for a conversation about Ethereum’s future.
The question is whether BitMine wants to be a bigger player or a stable one. Lee’s options — hold more, hold less, or hold steady — all point to a deliberate approach rather than a rush to accumulate.
For now, the numbers are clear. BitMine is buying, and the target is within sight.
Source material: “BitMine could hit its 5% Ether supply target within weeks — then what?,” Cointelegraph.
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