BitMine Immersion Technologies now holds 6,001,302 Ether (ETH) as of Sunday, representing 4.9 percent of the 122.1 million ETH total supply. The company is on track to reach its 5 percent total supply goal by early November if its recent buying pace continues.

Reaching the 5 percent threshold requires accumulating approximately 6.105 million ETH. BitMine is currently 103,700 ETH short of this target.

An analysis of BitMine's 12 weekly updates, issued between July 13 and Sept. 28, shows it acquired about 259,000 ETH. This averages out to 21,600 ETH purchased weekly.

Maintaining this 12-week average acquisition rate would allow BitMine to close the remaining gap in about 4.8 weeks. This estimate depends on the company continuing its current buying intensity.

BitMine had initially projected reaching the 5 percent target later, in late 2026. The company slowed its Ether purchases in May, indicating a managed approach to its accumulation strategy.

Tom Lee, Chairman of BitMine, addressed the company's long-term strategy in an August Bankless interview. Lee said holding more than 5 percent of Ether's supply could be justified if Ethereum's utility expands and more enterprises begin holding ETH.

However, Lee indicated BitMine would likely re-evaluate its position in 2027. If the company decides to maintain its share around 5 percent, it could sell ETH generated from staking rewards.

This approach would prevent BitMine's share of the total Ether supply from increasing further. Lee also said the company does not need to sell ETH for cash management purposes, preferring to find productive uses for its substantial holdings.

Beyond direct Ether accumulation, BitMine operates MAVAN, an institutional staking platform. MAVAN manages more than $2 billion in crypto assets for outside clients, expanding BitMine's presence in the Ethereum ecosystem.

BitMine's financial reports show strong performance from its Ether-related operations. In the quarter ended May 31, the company generated $45.7 million from Ether staking and validation activities.

This staking revenue accounted for 98 percent of BitMine's total revenue, which reached $46.5 million for the quarter.