BitMine (BMNR) Could Control 5% of Ethereum (ETH) by November... What's Next?

▲ Ethereum (ETH)

BitMine Immersion Technologies (BMNR), a US-listed company that has adopted an Ethereum (ETH)-centric financial strategy, is expected to achieve its goal of controlling 5% of the global circulating supply earlier than initially anticipated, by early November. Having recently surpassed 6 million ETH in holdings, calculations show that if the current rate of accumulation over the past 12 weeks is maintained, the target amount will be fully met in just over a month.

According to CoinTelegraph, a virtual asset media outlet, on September 29 (local time), an analysis of BitMine's public disclosure data revealed that if the company maintains its current pace of Ethereum accumulation, it will achieve its goal of securing 5% of the circulating supply by early November. BitMine announced that as of Sunday, it held 6,001,302 ETH, which accounts for approximately 4.9% of the total Ethereum circulating supply of 122.1 million ETH.

The additional amount required for BitMine to reach its target of 5% is approximately 103,700 ETH. If the average weekly purchase rate over the past 12 weeks is maintained, the target can be reached in about 4.8 weeks. The company had initially anticipated reaching the 5% mark by the end of 2026 and intentionally slowed its purchase rate in May, but with recent accelerated accumulation, the achievement date has been significantly moved forward.

BitMine's strategy of holding a large amount of Ethereum is leading to substantial staking revenue. In its earnings announcement last July, BitMine reported $45.7 million in revenue from Ethereum staking and validation rewards alone during the quarter ended May 31. This figure accounts for nearly 98% of the total revenue of $46.5 million for that quarter.

The market is paying close attention to what strategic moves BitMine will make after reaching its 5% target. Whether it will continue to accumulate more Ethereum, leverage its significant stake to exert influence over network validator governance, or diversify its portfolio into other assets has emerged as a key market concern.

BitMine's accumulation strategy, which has seen it absorb a large amount of Ethereum as corporate treasury assets, is nearing its grand finale. As the achievement of the target volume becomes visible, market attention is focused on whether the lock-up effect of the 6 million ETH secured by BitMine will cause a supply shock in the future Ethereum market.

[Article Summary]

-BitMine (BMNR) has secured 6,001,302 ETH, holding 4.9% of the total circulating supply.

-If the current purchase rate is maintained, the 5% target is expected to be achieved early, by early November, ahead of the original schedule.

-With quarterly staking revenue alone reaching $45.7 million, attention is focused on its actions after achieving the target.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*