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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.
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