Bitmine Crosses 5.28 Million ETH, Holding More Than 4% of Total Supply
Bitmine Immersion Technologies disclosed Monday that its Ethereum (ETH) holdings have reached 5.28 million tokens, equal to 4.37% of the total circulating supply of 120.7 million ETH. Combined cryptocurrency and cash holdings now stand at $12.6 billion.
The company said it acquired 71,672 ETH in the past week, taking advantage of a price dip below $2,200. Bitmine said it is 87% of the way toward what it calls its “Alchemy of 5%” target.
The Disclosure
Bitmine Immersion Technologies (BMNR) published the figures in a PR Newswire release on May 18.
The company said its total position is now 5,280,000 ETH, a figure that represents the largest known single-entity ETH accumulation outside of protocol-level staking contracts. The $12.6 billion combined holdings figure includes both the ETH position and cash reserves held on the company’s balance sheet.
Bitmine did not specify an average cost basis in the release.
The self-imposed “Alchemy of 5%” target, a milestone Bitmine has used to frame its treasury strategy publicly, refers to owning 5% of all ETH in circulation. At the current supply figure of 120.7 million tokens, that threshold sits at approximately 6.035 million ETH.
Also Read: Crypto Liquidation Wave Wipes $563 Million as Bitcoin and Ether Lead Forced Selling
Background
Bitmine began its ETH treasury strategy roughly 11 months ago.
The company, which started as an immersion-cooling cryptocurrency mining operator, pivoted its corporate treasury focus to Ethereum accumulation, positioning itself alongside a small number of publicly listed firms that have adopted digital assets as primary reserve holdings. The approach mirrors the framework used by MicroStrategy (MSTR) with Bitcoin (BTC), in which a listed company continuously acquires a single asset to build a concentrated treasury position.
Ethereum, the second-largest cryptocurrency by market capitalization, underpins a broad range of decentralized applications and smart-contract protocols, and its supply has been deflationary in periods of high network activity since the 2022 Merge upgrade.
Also Read: HIVE’s BUZZ HPC Announces 320 MW Sovereign AI Infrastructure Campus in Greater Toronto Area
What Comes Next
Bitmine needs to acquire approximately 755,000 additional ETH to cross the 5% threshold at current supply levels. The pace of accumulation over the past week, 71,672 ETH, suggests the company could reach that target within roughly 10 weeks if buying continues at the same rate.
ETH traded near $2,180 as of May 18, keeping the nominal cost of the remaining position around $1.65 billion. The company has not disclosed a completion timeline or a financing plan for the remaining purchases.
Read Next: Billions Network BILL Token Gains 8.8% as Peer-to-Peer Financial Rails Draw Attention
