Bitmine Crosses 5.28 Million ETH, Holds More Than 4% of Total Supply

Bitmine Immersion Technologies (BMNR) announced Monday that its Ethereum (ETH) holdings have reached 5.28 million tokens, representing more than 4.37% of the total ETH coin supply of 120.7 million. Total cryptocurrency and cash holdings stand at $12.6 billion.

The company says it is now 87% of the way toward a self-described “Alchemy of 5%” threshold, a target that would make Bitmine the largest single known holder of ETH by supply percentage.

Bitmine ETH Holdings and the 5% Target

The Globe and Mail’s markets desk published the full disclosure on May 19. Bitmine did not provide a per-token cost basis in the announcement.

At Ethereum’s current price near $76,300, 5.28 million ETH carries a mark-to-market value of approximately $403 million. The company’s total reported holdings of $12.6 billion include both cryptocurrency positions and cash equivalents, though the breakdown between the two was not specified in the release.

The 5% threshold is a specific internal milestone Bitmine has publicly committed to reaching.

At the current pace, crossing that level would require roughly 760,000 additional ETH. The company has not stated a timeline for reaching the target.

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Background

Bitmine is a publicly listed Bitcoin (BTC) and Ethereum network company that accumulates cryptocurrency as a long-term treasury reserve strategy, a model that draws comparisons to MicroStrategy (MSTR) and its large-scale Bitcoin accumulation program.

In March 2026, the company had previously announced ETH holdings of 4.661 million tokens, meaning the portfolio grew by roughly 619,000 ETH between that March disclosure and the May 19 announcement. That March figure itself represented a significant step up from earlier disclosed positions, placing Bitmine among the highest-profile corporate ETH buyers by concentration.

The company trades on NYSE American under the ticker BMNR.

Accumulating more than 4% of any major proof-of-stake asset raises governance and network questions, as large holders can influence validator dynamics and staking economics. ETH uses a proof-of-stake consensus mechanism, in which validators lock up the native token to secure the network and earn rewards, giving outsized holders structural advantages in network participation.

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What to Watch

The gap between Bitmine’s current 4.37% position and the 5% target is now narrow enough that a single large purchase could close it.

Any disclosure crossing the 5% threshold would represent an unprecedented level of supply concentration for a publicly traded company in a major cryptocurrency. Investors and market observers will also watch whether the company begins staking its ETH holdings, which would introduce yield but also lock tokens into validator contracts.

JPMorgan said this week that ETH and the broader altcoin market continue to trail Bitcoin as weak network activity and sluggish DeFi growth weigh on relative performance, a macro backdrop that could affect the per-token value of Bitmine’s treasury even as its token count grows.

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