Bitmine Immersion Technologies Holds 5.74 Million ETH, Controls 4.8% of Total Ethereum Supply

Bitmine Immersion Technologies (BMNR) announced that its Ethereum holdings have reached 5.74 million tokens — equal to 4.8% of the 120.7 million-token total $ETH supply — while total crypto and cash holdings now stand at $11.1 billion. The accumulation puts the company 95% of the way toward its self-described "5% Alchemy" target, a threshold it has nearly closed within 12 months.

Where the Tokens Sit

The supply arithmetic is straightforward: 5.74 million ETH against a total outstanding supply of 120.7 million. That concentration makes Bitmine one of the largest single corporate holders of $ETH on record by percentage of circulating supply. The company has not disclosed the custodial or staking breakdown of those tokens in this announcement.

The $11.1 billion figure in total crypto and cash holdings reflects the breadth of Bitmine's balance sheet beyond the ETH position alone, though the company did not itemize the remaining composition in this release.

The 5% Alchemy Threshold

Bitmine frames its accumulation around a named internal milestone it calls the "5% Alchemy" — a target representing 5% ownership of total $ETH supply. At 4.8%, the company is 95% of the way there by its own accounting after 12 months of buying. The pace implies the company moved from a standing start to near-threshold concentration in roughly one year, though the source does not specify the entry point or average acquisition cost.

Whether reaching a round 5% figure carries operational, governance, or market-signaling significance for Bitmine was not explained in the announcement.

Russell 1000 Inclusion Adds Institutional Visibility

On June 26, 2026, Bitmine Immersion Technologies was added to the Russell 1000 Large-cap index. The inclusion places BMNR in a benchmark tracked by passive funds and institutional allocators, broadening the shareholder base that now carries indirect exposure to the company's concentrated $ETH position. The announcement also referenced Class A preferred shares, though details were not fully disclosed in the available summary.

For a company whose core thesis is accumulating a single digital asset at scale, the Russell 1000 listing represents a structural change in who owns the stock — and by extension, who now holds an indirect claim on 5.74 million Ethereum tokens.