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Bitmine Immersion Technologies (NYSE: BMNR) disclosed it acquired 26,497 ETH over the past week, bringing total holdings to 5.42 million ETH — equivalent to 4.49% of Ethereum's circulating supply.
The company also reported total crypto, cash and other investments of $11.6 billion, a balance sheet built around 4.72 million staked ETH, $446 million in cash, and equity stakes in Beast Industries and Eightco.
Why it matters
Bitmine is now roughly 90% of the way to its stated "Alchemy of 5%" target — a 5% slice of total ETH supply — in just eleven months since launching the strategy. For context, the largest publicly known ETH holder before Bitmine's campaign held a fraction of that figure; the speed of accumulation has reshaped the institutional ETH-bid map and given public-market investors a single equity proxy for direct ETH exposure plus staking yield.
Market impact
The $11.6B treasury mix is dominated by staked ETH, which generates native staking reward revenue on top of any ETH price appreciation. With 4.49% of supply effectively removed from liquid circulation into validator-staked positions, the marginal supply available for sale continues to tighten — a structural tailwind for ETH price that compounds if Bitmine keeps buying and staking at the recent cadence.
Source: [Bitmine Immersion Technologies (BMNR) Announces ETH Holdings Reach 5.42 Million Tokens, and Total Crypto and Total Cash Holdings of $11.6 Billion](https://www.prnewswire.com/apac/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-42-million-tokens-and-total-crypto-and-total-cash-holdings-of-11-6-billion-302786826.html)
Frequently asked questions
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How much ETH does Bitmine now hold?
Bitmine disclosed holdings of 5.42 million ETH as of the latest weekly update, equivalent to 4.49% of Ethereum's circulating supply of 120.7 million tokens.
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How much of Bitmine's treasury is staked ETH?
Of the 5.42 million ETH held, 4.72 million are staked in validators — roughly 87% of the ETH position — generating native staking reward revenue.
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What is Bitmine's "Alchemy of 5%" target?
The "Alchemy of 5%" is Bitmine's stated goal of accumulating 5% of total Ethereum supply. At 4.49% the company says it is now 90% of the way there, eleven months into the strategy.
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What is the total value of Bitmine's crypto and cash holdings?
Bitmine reported total crypto, cash and other investments of $11.6 billion, including 4.72M staked ETH, $446M in cash, and stakes in Beast Industries and Eightco.
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What does Bitmine's accumulation mean for ETH price?
With 4.72M ETH locked in staking validators, a meaningful slice of liquid supply is removed from circulation. Continued accumulation at this cadence compounds the structural supply tightening, a tailwind for ETH price.
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