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BitMine Nears 5% Ether Stake Amid Price Drop
9 Oct
Summary
- BitMine holds 4.9% of Ether, aiming for 5% in six weeks.
- Most Ether is staked, requiring weeks to exit if sold.
- BitMine's buying may cease after reaching its target.
As of October 5, 2026, BitMine Immersion Technologies holds 4.9% of the total Ether supply, valued at approximately $14.7 billion. The company is now just 88,600 Ether short of its chairman's goal of acquiring 5% of all circulating Ether. At its current pace of purchasing around 15,100 Ether weekly, BitMine is projected to reach this target in approximately six weeks.
However, a substantial 84% of BitMine's Ether holdings, equating to over 5 million coins, are staked. While this generates an estimated $363 million annually in rewards, these staked coins are illiquid and require weeks to exit the network should BitMine need to sell.
The price of Ether has seen a recent decline, dropping nearly 9% in the past week to around $2,448. BitMine's consistent buying has been a significant source of demand, but its cessation after reaching the 5% threshold could remove approximately 15,000 Ether of weekly demand from the market.
This situation raises questions about the future market dynamics, especially since BitMine's future purchasing plans beyond the 5% target remain undisclosed. The concentration of such a large portion of Ether within a single corporate entity introduces potential risks related to market manipulation and liquidity.
