BitMine Immersion Technologies now holds 6,001,302 ETH, equivalent to 4.9% of the estimated total Ether supply of 122.1 million ETH as of Sunday (Sept. 28). The treasury company acquired around 259,000 ETH based on an evaluation of 12 weekly reports from July 13 to Sept. 28. These recurring purchases have resulted in an average accumulation rate of 21,600 ETH per week.
The target of controlling 5% of the supply equals roughly 6.105 million ETH, leaving a gap of 103,700 ETH for BitMine to reach that threshold. By maintaining its current purchasing pace, the company will need about 4.8 weeks to close the remaining gap. Weekly accumulation projections put BitMine on track to control 5% of the Ether supply by early November 2026.
Capping Holdings by Selling Staking Rewards
BitMine Chairman Tom Lee views holding more than 5% as still reasonable given the broader corporate adoption expected in the future. Even so, the board of directors is not slated to evaluate the company’s asset holding cap policy until 2027.
If that evaluation determines the company should remain around the 5% threshold, Lee noted that BitMine would start selling the yield earned from staking rewards. This selling option prevents their ownership ratio from swelling without requiring the company to offload its principal assets.
Validation Revenue Bolsters Financial Performance
Their institutional staking service, MAVAN, now manages over $2 billion in crypto assets sourced entirely from external clients.
In the quarter ended May 31, BitMine posted $45.7 million in revenue from Ether validation and staking activities. That sum accounted for 98% of the company’s total revenue of $46.5 million. For the Ethereum community, this institutional business model introduces a new scenario: companies do not need to offload their primary coins onto the market to fund daily operations, potentially keeping circulating supply locked away well into the future.
Reported via Cointelegraph.
Also read: How Crypto Staking Works and Its Risks
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
