Bitmine Immersion Technologies Crosses 5.62 Million ETH, Closing In on Self-Set 5% Supply Target

HONG KONG — Bitmine Immersion Technologies (BMNR) disclosed that its Ethereum holdings have reached 5.62 million tokens, representing 4.66% of ETH's total circulating supply of 120.7 million coins, with the company's combined crypto and cash holdings now standing at $10.4 billion. The firm said it is 93% of the way toward an internal accumulation goal it has called the "Alchemy of 5%" — a target it has closed in on in just 11 months.

Racing Toward a Supply Milestone

The "Alchemy of 5%" refers to Bitmine's stated aim of controlling 5% of all Ethereum in circulation, a threshold that would give one corporate entity an extraordinary concentration of one of the world's largest proof-of-stake networks. At 4.66% of a 120.7 million-coin supply, the company has already established itself as a dominant single-entity holder of the asset. The pace of that accumulation — reaching 93% of target within eleven months — signals an aggressive treasury strategy that echoes, in Ethereum terms, the bitcoin-accumulation playbook that a cohort of publicly listed companies has pursued over the past several years.

Fortune Recognition and a Closed Transaction

Bitmine was named to the Fortune Crypto 100 list for 2026, which Fortune describes as a definitive ranking of the most influential companies in the blockchain industry. The recognition marks a degree of institutional legitimacy for a firm that has staked its identity on concentrated digital-asset accumulation rather than conventional treasury management. Separately, the company said it had closed on the sale of an asset, though the announcement did not detail the transaction's terms or counterparty.

The Macro Driver: Ethereum's Constrained Supply

The accumulation strategy derives much of its strategic logic from Ethereum's supply dynamics. With a circulating supply of 120.7 million coins — a figure Bitmine itself cites as the denominator for its ownership stake — any single entity approaching 5% control commands attention from both markets and the network's broader community of validators and stakeholders. Concentrated ownership at that scale carries potential implications for staking yield, governance weight, and the decentralisation principles that form a core part of Ethereum's value proposition. As institutional appetite for on-chain yield grows, Bitmine's sprint toward the 5% mark positions it as one of the most closely watched corporate accumulators in the digital-asset space.