The race to 5%
Real talk: BitMine Immersion Technologies is moving heavy. If they keep up their current pace, the firm is on track to hold 5% of the total Ethereum supply by early November. According to the company's own weekly updates, they’ve been stacking roughly 21,600 ETH a week since mid-July. As of Sunday, they were sitting on about 6,001,302 ETH—that’s 4.9% of the supply they reported. To hit that 5% goal, they only need another 103,700 ETH. At their current rate, that's just under five weeks away, no cap.
What happens next?
So, what’s the move once they hit the milestone? BitMine Chairman Tom Lee has been pretty chill about it. While he previously mentioned that holding more than 5% might make sense if enterprise adoption explodes, he isn't committing to anything wild yet. He told Bankless in August that they’ll likely hold off on any big decisions regarding further accumulation until 2027.
If they decide to park their bags at 5%, Lee noted they could sell off their staking rewards to keep their percentage from drifting higher. He clarified that they aren't under pressure to offload ETH for cash flow—they’re looking for productive ways to utilize the stash. Plus, the company is diversifying; their institutional staking platform, MAVAN, is already managing over $2 billion in outside assets.
Why it matters
For the degen crowd, seeing a single entity hold 5% of a massive asset like Ethereum is highkey a major signal of market confidence. It’s giving institutional accumulation, but remember: tracking big moves is one thing, and financial advice is another. Always do your own research before jumping into a trade—crypto volatility is real and nothing here is an endorsement to buy.
