Bitmine Immersion Technologies Holds 5.74 Million ETH, Nears 5% Supply Threshold
Bitmine Immersion Technologies (BMNR) disclosed it has accumulated 5.74 million Ether ($ETH), representing 4.8% of the cryptocurrency's total circulating supply of 120.7 million tokens, with combined cryptocurrency holdings and cash reserves reaching $11.1 billion. The announcement positions the company as one of the largest known institutional holders of the asset by share of outstanding supply.
Key takeaways
- Bitmine Immersion Technologies (BMNR) has accumulated 5.74 million ETH, representing 4.8% of Ether's total circulating supply of 120.7 million tokens.
- The company's combined cryptocurrency holdings and cash reserves total $11.1 billion.
- Bitmine says it has covered 95% of its internal 'Alchemy of the 5%' benchmark—controlling 5% of ETH's supply—within just 12 months.
- At 5.74 million tokens, Bitmine sits roughly 300,000 ETH short of the approximately 6.04 million needed to reach 5% of the float.
- Bitmine was added to the Russell 1000 Large-Cap Index on June 26, 2026.
Bitmine Immersion Technologies (BMNR) disclosed it has accumulated 5.74 million Ether ($ETH), representing 4.8% of the cryptocurrency's total circulating supply of 120.7 million tokens, with combined cryptocurrency holdings and cash reserves reaching $11.1 billion. The announcement positions the company as one of the largest known institutional holders of the asset by share of outstanding supply.
Closing In on the '5% Alchemy' Target
The company said it has covered 95% of what it calls the "Alchemy of the 5%" threshold — an apparent internal benchmark for controlling 5% of ETH's circulating supply — in just 12 months. The pace of accumulation implies Bitmine added the bulk of its position within a single calendar year, a clip that would require sustained purchasing across a market that does not always offer liquidity at scale.
For context, 5% of a 120.7 million-token float works out to roughly 6.04 million ETH. At 5.74 million, Bitmine sits approximately 300,000 tokens short of that level. Whether warehouses — staking validators, large custodians, exchange cold wallets — have registered the absorption of that volume is a question the disclosure does not address.
Russell 1000 Entry Adds Institutional Footprint
Bitmine was added to the Russell 1000 Large-Cap Index on June 26, 2026. Index inclusion typically forces passive funds tracking the benchmark to purchase shares to match weightings, extending the company's reach into conventional equity portfolios and broadening the base of investors with indirect exposure to its ETH strategy.
Series A Preferred Shares
The company noted that its Series A preferred shares are publicly traded, though the source did not specify the exchange or terms of that instrument.
What the Numbers Say
The $11.1 billion figure covers total cryptocurrency holdings and cash combined; the source does not break out the cash portion separately, nor does it give a standalone dollar valuation for the ETH stack. At 5.74 million tokens and 4.8% of float, any price-implied market value would depend on $ETH's spot rate at the time of the disclosure — a figure the announcement did not include.