BitMine Nears 5% of Ethereum’s Supply Target by November
- BitMine Immersion Technologies holds approximately 6,001,302 Ether (ETH), representing about 4.9% of the total supply of Ethereum.
- The company has acquired around 259,000 ETH since mid-July, averaging about 21,600 ETH per week.
- To reach its goal of holding over 5% of ETH supply, BitMine needs to acquire an additional roughly 103,700 ETH.
- If it maintains its current purchasing rate, BitMine could achieve this target in approximately four to five weeks.
- In Q2, BitMine generated $45.7 million from Ether staking and validation, accounting for nearly all its total revenue.
BitMine’s strategy includes potentially selling ETH earned from staking rewards to manage its supply percentage post-target achievement. The company is also expanding its institutional staking platform MAVAN, managing over $2 billion in crypto assets.
With a current holding of about Ethereum equivalent to nearly 5% of the total supply, BitMine is on track to meet its target by early November if it continues at this pace.
