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Bitmine Immersion Technologies (BMNR), backed by Fundstrat's Tom Lee, purchased another 76,881 ETH worth approximately $135.62 million last week, bringing its total holdings to 5,620,754 ETH — a position currently valued at $9.92 billion. The company now owns 4.66% of the entire circulating ETH supply of 120.7 million tokens.
Why it matters
Bitmine's accumulation strategy mirrors the MicroStrategy playbook applied to Ethereum rather than Bitcoin. With an average cost basis of roughly $3,450 per ETH, the position sits more than $9.5 billion underwater at current prices — yet the company continues to add. That conviction at scale is a meaningful institutional signal: Bitmine is 93% of the way to its self-declared 'Alchemy of 5%' target, a threshold that would make it the single largest known corporate holder of ETH by a wide margin, achieved in just 11 months.
Market impact
A single entity controlling nearly 5% of ETH supply introduces a structural dynamic the market has not previously priced for this asset. Continued accumulation at this pace tightens available float, which historically amplifies price sensitivity to demand shocks. Investors watching ETH's recovery trajectory should track Bitmine's weekly disclosure cadence — each new purchase at a loss is a public reaffirmation of the long-term thesis, and any pause or reversal would carry equal weight as a signal.
Source: [Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.62 Million Tokens, and Total Crypto and Total Cash Holdings of $10.4 Billion](https://www.prnewswire.com/in/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-62-million-tokens-and-total-crypto-and-total-cash-holdings-of-10-4-billion-302799973.html)
Frequently asked questions
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How much of Ethereum's total supply does Bitmine now control?
Bitmine holds 5,620,754 ETH, representing 4.66% of the total circulating supply of 120.7 million tokens. The company says it is 93% of the way to its stated target of owning 5% of all ETH.
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Why does Bitmine keep buying ETH despite being $9.5B underwater?
Bitmine's strategy mirrors the MicroStrategy approach — accumulating through drawdowns on the thesis that long-term structural demand will outweigh near-term losses. Each weekly purchase at a loss is a public reaffirmation of that conviction.
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What market effect could Bitmine's growing ETH stake have on price?
With nearly 5% of circulating supply concentrated in one entity, available float tightens, which historically amplifies price sensitivity to demand shocks. Any acceleration or pause in Bitmine's buying cadence would itself become a market signal.
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