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Bitmine Immersion Technologies (BMNR) has announced that its $ETH holdings have reached 5.54 million tokens, equal to 4.59% of Ethereum's total supply of 120.7 million, while the company's combined cryptocurrency and cash position stands at $9.6 billion.
The disclosure marks a significant waypoint in the miner's aggressive accumulation strategy, which company executives have branded the "Alchemy of 5%" — a stated goal of capturing a 5% stake in circulating Ether supply.
Accumulation Pace Sets the Macro Signal Bitmine reports it has completed 92% of the "Alchemy of 5%" objective in eleven months, a clip that positions the programme as one of the more concentrated single-asset treasury strategies in the digital asset space.
The speed of accumulation matters for broader positioning: a buyer absorbing nearly 5% of a major proof-of-stake network's supply at this pace functions less like a tactical trade and more like a structural demand signal, one that the market has to price into any forward supply-demand model for $ETH.
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