BitMine holds 6.001 million ETH, or 4.9% of Ethereum’s cited supply, leaving roughly 103,700 ETH to reach its 5% target if its recent buying pace continues.
BitMine Immersion Technologies is approaching its goal of accumulating 5% of Ethereum’s total supply, with the company now holding more than 6 million ETH.
In its September 28 update, BitMine reported 6,001,302 ETH as of September 27, representing 4.9% of the 122.1 million ETH supply cited by the company. BitMine also said its total crypto, cash and marketable securities holdings, together with other investments, reached $17.2 billion.
The company is therefore close to the 5% threshold it has referred to as its “Alchemy of 5%” target. BitMine said it is now 98% of the way toward that objective after accumulating the position in less than 15 months.
A review of BitMine’s 12 weekly updates from July 13 through September 28 shows the company reported acquiring approximately 259,000 ETH, equivalent to an average of roughly 21,600 ETH per week.
Using BitMine’s cited supply of 122.1 million ETH, a 5% position would equal approximately 6.105 million ETH. With 6,001,302 ETH already held, BitMine would need roughly 103,700 additional ETH to reach that level.
At an average acquisition rate of 21,600 ETH per week, closing that gap would take approximately 4.8 weeks. Based on the September 28 holdings figure, that points to early November 2026. This is a mathematical estimate based on the recent reported purchase rate, not a stated timetable from BitMine.
Ethereum's supply is not fixed, either. The network's total ETH supply changes over time because new ETH is issued to validators while a portion of transaction fees is burned.
Learn how Ethereum’s ETH supply changes
BitMine's path to 5% has not followed a constant accumulation rate.
The company previously said it expected to reach 5% during 2026, while also indicating that it intentionally slowed the pace of ETH purchases. A BitMine filing from May showed the company had already reached 4.49% of Ethereum's then-cited supply and expected to reach the 5% milestone during the year.
The more recent figures show how quickly the treasury has expanded since then. BitMine reported 5.96 million ETH on September 14, followed by 5.98 million ETH on September 21, before crossing the 6-million-ETH mark in its September 28 update.
BitMine’s September 21 ETH holdings update
Reaching 5% does not necessarily mean BitMine will stop accumulating ETH.
In an August 24 Bankless interview, Chairman Tom Lee discussed what could happen after the company reaches its target. Lee said that owning more than 5% could make sense if Ethereum's usage continues to expand and enterprises increasingly want to hold ETH.
However, Lee also said the company would likely revisit the question in 2027 rather than making an immediate decision once the 5% level is reached.
Bankless — What’s Next for BitMine After 5% of ETH?
That leaves two broad possibilities described by Lee: BitMine could maintain its position around 5%, or it could eventually decide that holding a larger percentage makes sense as Ethereum's role in enterprise applications develops.
If BitMine chooses to remain around the 5% level, Lee said the company could use staking rewards as part of that strategy.
Rather than selling ETH to fund ordinary cash-management needs, Lee said BitMine could sell ETH generated through staking rewards if necessary to prevent its percentage of the total supply from rising. He also said the company could seek productive uses for its ETH holdings.
BitMine's staking operation has already become a significant part of its business. Its SEC filing for the quarter ended May 31, 2026 reported $45.743 million in staking and validation revenue, compared with $46.5 million in total quarterly revenue. That means staking and validation accounted for roughly 98% of revenue for the period.
BitMine's strategy is also extending beyond simply buying and staking its own ETH.
Lee said in the August Bankless interview that MAVAN, BitMine's institutional staking platform, was handling more than $2 billion in crypto from external clients. The platform was initially developed to support BitMine's Ethereum treasury but has expanded toward institutional staking services.
BitMine's SEC filing describes the company's broader operations as including institutional digital-asset staking and validation, Bitcoin mining and strategic digital-asset management.
The development gives BitMine another business line alongside its large ETH treasury, although the company's 5% accumulation target remains a central part of its strategy.
BitMine's growing ETH position has also changed the composition of its business.
For the quarter ended May 31, the company generated $45.7 million from staking and validation, while total revenue was $46.5 million. The SEC filing shows that staking and validation revenue was the overwhelming contributor to quarterly revenue.
The supplied report notes that BitMine generated the $45.7 million through Ether staking and validation, while the company's broader staking infrastructure continues to develop through MAVAN and its institutional relationships.
That means the 5% target is not simply about the size of BitMine's balance sheet. The company is also building an operating model around staking and institutional Ethereum infrastructure.
BitMine's latest figures put the company only about 103,700 ETH away from a 5% position based on the 122.1 million ETH supply it cited.
If the company continued buying at its reported 12-week average of roughly 21,600 ETH per week, the remaining amount could theoretically be accumulated in about 4.8 weeks, placing the milestone around early November.
Whether that pace continues is uncertain. BitMine has previously changed its purchase rate, and the percentage itself can shift as Ethereum's total supply changes. Tom Lee has also left open the possibility of holding more than 5% in the future, while saying the question would likely be reconsidered in 2027.
For now, the immediate milestone is clear: BitMine has crossed the 6 million ETH mark and is approaching the 5% threshold it established as a major objective for its Ethereum treasury strategy.
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry significant risk. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.
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