BitMine Immersion Technologies holds 6,001,302 Ether — 4.9% of Ethereum's supply — and could cross its 5% accumulation target by early November, according to its weekly disclosures and a Cointelegraph review of the figures.

The company's 12 weekly updates, issued from July 13 through Sept. 28, show BitMine acquired roughly 259,000 ETH over that stretch, an average of about 21,600 ETH per week. At the 122.1 million ETH supply figure the company cited, the 5% mark equates to approximately 6.105 million ETH. That leaves BitMine about 103,700 ETH short of its goal.

The pace matters because BitMine originally expected to reach 5% only in late 2026. The company deliberately slowed purchases in May, making the current timeline a significant acceleration of its original plan. The estimate assumes the 12-week average purchase rate holds; any change in buying cadence would shift the date.

What happens after BitMine reaches 5%?

The strategic question the company now faces is whether accumulation stops at 5%. BitMine Chairman Tom Lee has left the door open to continued buying.

In an August interview with Bankless, Lee said that holding more than 5% could make sense if Ethereum's use expands and more enterprises begin holding ETH. He added that BitMine would probably revisit the question in 2027.

Lee offered two operational paths. If BitMine decides to stay near 5%, it could sell ETH generated from staking rewards to keep its share of supply from drifting upward. He said the company would not need to sell ETH for cash management and would instead be more likely to find productive ways to deploy its holdings.

How does BitMine make money beyond accumulation?

The company is already diversifying beyond buying Ether. Lee said in the same interview that MAVAN, BitMine's institutional staking platform, was handling more than $2 billion in crypto from outside clients.

Staking and validation are currently the core revenue engine. In July, BitMine said it generated $45.7 million from Ether staking and validation in the quarter ended May 31. That accounted for 98% of its $46.5 million in total revenue for the period.

The concentration of revenue in staking, combined with the MAVAN client business, indicates BitMine's model is shifting from a pure accumulation play toward yield generation and institutional services on top of its ETH base.

The immediate milestone to watch is the early-November window. If BitMine's weekly purchase rate holds, the company crosses 5% of Ether supply within roughly five weeks, forcing a decision on whether to keep accumulating, cap its holdings and recycle staking rewards, or wait until its stated 2027 review to settle the question.