Bitmine Holds More Than 4% of All ETH Supply
Bitmine Immersion Technologies (BMNR) said its Ethereum (ETH) holdings reached 5.18 million tokens as of May 5, equal to 4.29% of the total circulating supply of 120.7 million ETH. The company said it is 86% of the way toward its internal target of owning 5% of all ETH, a goal it calls the “Alchemy of 5%.” The disclosure makes Bitmine the single largest publicly disclosed corporate holder of Ether.
Bitmine ETH Holdings and the Alchemy Goal
A PR Newswire release published Monday put total crypto and cash holdings at $13.1 billion.
The company has positioned itself as the Ethereum equivalent of what MicroStrategy (MSTR) did with Bitcoin (BTC) beginning in 2020. Bitmine did not specify a timeline for reaching the full 5% threshold.
The “Alchemy of 5%” framing is a public accumulation target the company uses with investors and in filings.
Crossing that threshold would mean Bitmine controls roughly 6 million ETH. At current prices near $2,370 per token, that position would carry a face value of approximately $14.2 billion.
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Background
Bitmine Immersion Technologies began as a Bitcoin (BTC) mining and immersion-cooling infrastructure company before pivoting to an ETH treasury accumulation model.
The shift mirrored a broader trend among small-cap public companies using aggressive cryptocurrency purchases to drive share price attention. MicroStrategy’s Bitcoin playbook, which started with a $250 million purchase in August 2020, created a template that several firms have since tried to replicate on other assets.
Bitmine’s Ethereum version gained traction in 2025 as ETH spot ETF approvals raised institutional interest in the asset.
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What to Watch
Bitmine has not disclosed how it finances continued purchases, whether through equity issuance, debt, or operating cash flow. Any public offering to fund further ETH buys would dilute existing shareholders.
The remaining 14% distance to the 5% target represents roughly 820,000 additional ETH tokens at current supply figures. ETH traded near $2,370 on May 5, up roughly 15% over the prior 30 days.
Watch for further press releases as the company approaches the self-imposed milestone.
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