Bitmine crosses 5.2M ETH — now controls 4.31% of Ethereum's entire supply!

Bitmine Immersion Technologies has disclosed that its Ethereum holdings have climbed to 5,206,790 ETH, up 26,659 ETH from its last filing. The company now controls approximately 4.31% of Ethereum's total circulating supply of 120.7 million tokens — a concentration that makes it one of the single largest institutional ETH holders on record.

Of those holdings, 4,712,917 ETH are actively staked, worth roughly $11.1 billion at current prices and generating yield on the bulk of the position. Total assets across the firm stand at approximately $13.4 billion, which also includes 201 BTC and $775 million in cash.

Perhaps the most striking detail from the announcement: Bitmine says it is now 86% of the way to its self-declared 'Alchemy of 5%' threshold — a target it has been pursuing for just 11 months. At the current accumulation pace, a 5% ETH supply stake is a near-term milestone, not a…