BitMine有望在数周内实现5%的以太坊供应量目标

BitMine Immersion Technologies 逼近持有以太坊供应量 5% 的里程碑

专注于以太坊的企业金库公司 BitMine Immersion Technologies 表示，其持有的以太坊（ETH）数量正接近一个重要的里程碑——即占其引用的代币供应量的 5%。如果近期的积累速度保持不变，这一目标有望在 11 月初提前达成。该公司最新的披露文件显示，它已经建立了相当可观的头寸，距离目标仅剩相对较小的差距。

根据对 BitMine 7 月 13 日至 9 月 28 日期间发布的每周更新的审查，该公司在此期间报告的总购买量约为 259,000 枚 ETH，平均每周购买约 21,600 枚 ETH。在其最新提交的报告中，BitMine 截至周日持有 6,001,302 枚 ETH，这相当于其报告中使用的 1.221 亿枚以太坊供应量的 4.9%。

关键要点

• BitMine 报告持有 6,001,302 枚 ETH，约占其引用的 1.221 亿枚 ETH 供应量的 4.9%。
• 对 12 份每周更新的审查显示，从 7 月中旬到 9 月底，平均购买速度约为每周 21,600 枚 ETH。
• 达到 5% 的持有水平意味着按照 BitMine 引用的供应计算，需持有约 610.5 万枚 ETH，目前仅差约 103,700 枚 ETH。
• 以最近的平均速度，填补这一缺口大约需要 4.8 周，但如果 BitMine 调整购买节奏，时间表可能会发生变化。
• BitMine has previously revealed that it slowed its Ethereum purchases in May and discussed the possibility of reevaluating its strategy after reaching the 5% threshold.

How close is BitMine to the 5% milestone?

BitMine's reported positions put it just below its 5% target. Using the same supply benchmark cited in the company's report-122.1 million ETH, 5% corresponds to approximately 6.105 million ETH. Given that BitMine has 6,001,302 ETH in its vault, approximately 103,700 ETH will need to be acquired to meet the threshold.

Based on BitMine's 12 weekly updates covering July 13 to September 28, BitMine stated in these updates that it acquired a total of approximately 259,000 ETH units. Dividing this number by the number of weeks within the reporting window yields an average acquisition rate of close to 21,600 ETH units per week.

If BitMine continues to buy at this rate without changing its strategy, it is expected that it will take approximately 4.8 weeks to fill the remaining gap. This will bring the "hit 5%" point to early November, but the exact result will depend on whether BitMine maintains the same weekly buying intensity in subsequent updates.

Previous changes: Intentional slowdown

BitMine's near-term prospects are built on earlier strategic shifts. Previous reports pointed out that BitMine "deliberately slowed down" its Ethereum purchases in May, a move that was related to management's expectation of completing its supply percentage target in a later period.

当时，公司的时间表指向在 2026 年底之前达到 5%，这意味着近期向 11 月初迈进的轨迹相对于早期计划而言是一种加速。7 月至 9 月更新中显示的最近每周节奏表明，尽管该公司的既定目标仍锚定在相同的总体百分比目标上，但 BitMine 现在的建设速度比早期计划所暗示的要快。

目标之后：对 5% 或超越它的预期

达到 5% 并不一定是 BitMine 规划的终点。在 8 月接受 Bankless 采访时，BitMine 董事长 Tom Lee 表示，如果以太坊的实际应用扩大，更多企业决定持有 ETH，那么持有超过 5% 的比例仍然是合理的。同时，Lee 建议公司可能会在 2027 年重新审视这一问题，将 5% 的水平视为一个重要基准，而非永久上限。

Lee 还概述了一种潜在机制，以防止其所有权份额在接近目标时进一步上升。他表示，如果 BitMine 选择保持在 5% 左右，它可以出售通过质押奖励产生的 ETH，以免额外的发行推高其百分比。

在采访中，Lee 强调，此类出售与维持目标敞口有关，而非流动性管理。他表示，BitMine 更倾向于为其持仓寻找“生产性”用途，并不一定需要出售 ETH 来为运营或现金管理提供资金。

The stakes here are not just symbolic. BitMine's approach is actually a long-term commitment to a specific share of Ethereum's supply, which may influence how the market views the behavior of large holders and how investors think about potential future selling pressures related to pledge economics.

Pledge economics and BitMine's broader platform

BitMine's Ethereum strategy involves more than just accumulation. The company also refers to pledges as a core revenue driver. In July, BitMine said it generated $45.7 million in revenue through Ethereum pledges and verifications in the quarter ended May 31, accounting for 98% of total revenue of $46.5 million for the period. This highlights why pledge rewards-and accounting decisions about whether to sell them-may be central to BitMine's management of its positions over time.

Lee told Bankless that as the company expands from simply accumulating Ethereum to a broader business, its institutional pledge platform MAVAN is processing more than $2 billion in crypto assets from external customers. If the company continues to grow its institutional pledge business, its ability to earn revenue without always relying on additional spot purchases may affect how it maintains its target share and how much it needs to buy to keep up with the supply percentage target.

What to focus on next

跟踪 BitMine 的读者应重点关注接下来的几份每周更新，看看该公司是维持近期每周约 21,600 枚 ETH 的速度，还是再次进行调整。“11 月初”估算的关键不确定性在于，BitMine 在接近 5% 阈值时是否保持相同的购买速度，以及一旦达到目标，它是否会开始制定更详细的计划来管理质押奖励。