Bitmine Immersion Technologies purchased 101,627 Ethereum (ETH) last week. The buy cost over $230M. It is the company's largest single-week ETH acquisition in 2026.
Holdings Approach a Historic Threshold
Bitmine's total ETH holdings now stand at 4.976 million tokens, according to the company's press release.
The company holds more than 4% of the total circulating ETH supply. Circulating supply sits at 120.7 million tokens per the report.
The firm describes its internal target as the "Alchemy of 5%." At 4.976 million tokens, it is 82% of the way to crossing that line. No timeline for reaching the target has been disclosed publicly.
Total crypto and cash holdings across the firm are reported at $12.9B. Bitmine has not disclosed the custody arrangements for its ETH stack.
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Accumulation Has Accelerated in Recent Weeks
The pace of buying has increased sharply over the past few weeks. Last week's 101,627 ETH purchase dwarfs earlier weekly totals from earlier in 2026. The company has not given a public explanation for the timing change.
Bitmine trades on Nasdaq under the ticker BMNR. The stock has attracted attention as one of the few publicly listed companies running a pure ETH treasury strategy. No comparable public company holds a position of similar scale in ETH.
Why the 5% Target Matters
Owning 5% or more of a major asset's total supply carries practical weight. A holder at that level can move markets on buys and sells. It also raises governance questions on a proof-of-stake network where staking weight influences validator selection.
Bitmine has not publicly stated whether its holdings are staked. ETH staked by large single entities has attracted regulatory scrutiny in other jurisdictions. The firm has made no regulatory filings on this point that are publicly available.
The company's total holdings at current ETH prices place it among the largest single institutional ETH holders on record. No other publicly traded firm has disclosed a holding of comparable size.
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