Bitmine Tops 5.21 Million ETH, Crossing 4.31% of Total Supply

Bitmine Immersion Technologies (BMNR) announced Monday that its Ethereum (ETH) holdings have reached 5.21 million tokens, equal to 4.31% of the total circulating ETH supply of 120.7 million. The company said total cryptocurrency and cash holdings stand at $13.4 billion.

Bitmine said it is 86% of the way toward what it calls the “Alchemy of 5%,” its stated threshold for locking a meaningful share of the ETH supply.

What the Announcement Covers

The company disclosed the figures in a PR Newswire release published Sunday. No per-token cost basis was provided in the announcement.

The filing gives no specific timeline for reaching the 5% target, but the “86% of the way” framing puts the remaining gap at roughly 530,000 ETH based on the 120.7 million total supply figure Bitmine cited. At ETH’s price near $1,800 on Monday, that remaining tranche would cost approximately $954 million at current market rates.

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Background

Bitmine Immersion Technologies is a publicly listed cryptocurrency network company focused on accumulating digital assets as long-term treasury reserves.

The company began building its ETH position in mid-2025, roughly eleven months before this disclosure. That timeline places the bulk of accumulation across a period when ETH prices ranged widely between approximately $1,500 and $3,500.

The “Alchemy of 5%” campaign was introduced early in the accumulation cycle as a marketing and investor-relations framework designed to anchor attention on a concrete supply-ownership milestone rather than a dollar value.

Ethereum is the second-largest cryptocurrency by market capitalization and the dominant platform for smart contracts, decentralized finance, and tokenized assets. Unlike Bitcoin (BTC), which has a hard supply cap of 21 million coins, Ethereum’s supply is managed through a combination of issuance to validators and a burn mechanism introduced in August 2021.

Total supply changes modestly over time, which makes percentage-of-supply targets a moving figure.

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What to Watch

Bitmine has not disclosed whether additional purchases are planned in the near term. With 86% of the 5% target achieved in eleven months, the pace of remaining accumulation will depend on ETH price movement and available capital.

Spot Ethereum ETFs saw $16.85 million in net outflows on May 11, a modest reversal in institutional flow that could affect ETH price in the days ahead. Investors tracking BMNR will watch for a follow-up treasury update once the 5% threshold is crossed.

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