Bitmine Holds 5.39M ETH as Total Crypto Treasury Reaches $12.3B

Bitmine Immersion Technologies (BMNR) disclosed on May 28 that it holds 5.39 million Ethereum (ETH) tokens and that its combined cryptocurrency, cash, and “moonshot” portfolio has reached $12.3 billion. The company controls 4.47% of the total circulating ETH supply, worth approximately $120.7 million at current prices.

Bitmine said it reached 89% of its internal “Alchemy 5%” accumulation target in just 11 months.

The Holdings Breakdown

The $12.3 billion figure covers Bitmine’s full treasury stack, which includes the ETH position, cash reserves, and a category the company labels “moonshots,” referring to higher-risk speculative allocations. The company’s PR release did not break out the individual dollar values for each bucket.

The 5.39 million ETH position alone, at the roughly $2,200 price level where ETH traded on May 28, implies a market value near $11.8 billion.

Ethereum fell below $2,000 earlier in the trading session on geopolitical pressure, which adds volatility risk to the unrealized value of Bitmine’s stack. One report put Bitmine’s unrealized loss at approximately $8 billion based on the average cost of accumulation.

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Background

Bitmine began its ETH accumulation strategy less than a year before this disclosure, modeling its approach on the playbook that MicroStrategy (MSTR) applied to Bitcoin (BTC) starting in 2020.

MicroStrategy used convertible note issuances and equity raises to fund large-scale BTC purchases, establishing Bitcoin (BTC) as its primary treasury reserve asset. Bitmine adopted a parallel structure for ETH, setting the “Alchemy 5%” goal as a public milestone that would give it a 5% share of all ETH in circulation.

Fundstrat’s Tom Lee serves as chairman of Bitmine’s board and has publicly defended the ETH thesis despite the token’s sharp decline from prior highs.

Lee’s firm separately sits on the board of Eightco Holdings (ORBS), which disclosed a separate ETH position of more than 11,000 tokens in a PR release filed May 28, pointing to a broader corporate ETH accumulation wave forming around Lee’s network.

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What Comes Next

Bitmine needs to add roughly 0.53 percentage points of ETH supply to clear the 5% Alchemy threshold, a target that becomes cheaper to reach as ETH prices fall but riskier to hold if the decline continues. The company has not said how it plans to finance additional purchases.

Watch for a capital raise or convertible note filing as a potential next move. ETH’s performance against the macro backdrop, shaped this week by fresh U.S. strikes on Iran and resulting risk-off pressure across markets, will determine whether Bitmine’s paper losses narrow or widen before any such announcement.

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