BitMine Nears a 5% Stake in Ethereum’s Circulating Supply
BitMine, chaired by Tom Lee, holds about 4.9% of all circulating ether, or roughly 6,016,414 ETH valued near $14.7 billion as of October 8. It needs about 88,600 more ETH to reach 5%, which could take around six weeks at its recent buying pace. Most of its ether is staked and illiquid, and a halt in purchases after hitting the target would remove roughly 15,000 ETH of weekly demand.
BitMine Immersion Technologies, led by Tom Lee, reported 6,016,414 ether on Oct. 5, equal to about 4.9% of circulating supply and roughly $14.7 billion at ether’s Oct. 8 price. It added about 15,100 coins in a week and is roughly 88,600 ether from 5%; at that pace, the milestone could arrive in about six weeks.
Roughly 5,067,309 ether—84% of holdings—is staked, producing an estimated $363 million yearly but requiring exit-queue access. About 800,000 ether already waits there, while ether traded near $2,448, down 9% weekly and about half its August 2025 peak.
A single company nearing 5% of ether could matter beyond its shareholders. Ethereum holders, stakers, and traders may see liquidity and price signals shift if BitMine slows purchases, while stakers could face queue delays if large staked positions ever exit. The concentration may also shape how market participants judge crypto-asset risk and network staking dynamics, though outcomes remain uncertain and depend on broader trading activity.