Bitmine acquires 9,926 Ethereum, boosting total holdings to 5.8M ETH

Bitmine Immersion Technologies has added another 9,926 ETH to its treasury during the week ending August 16, bringing its total Ethereum stash to 5,815,164 ETH. That pile of tokens is worth roughly $11 billion at current prices, and it represents approximately 4.8% of Ethereum’s entire circulating supply of around 120.7 million tokens.

The Alchemy of 5%

Bitmine has been on a relentless buying spree since launching its accumulation strategy on June 30, 2025. The company has dubbed its target the “Alchemy of 5%,” referring to its goal of controlling 5% of Ethereum’s total circulating supply. With holdings at 4.8%, the finish line is visible.

The latest purchase was made at prices ranging from $1,893 to $1,904 per ETH. At those levels, the 9,926 tokens cost the company somewhere in the neighborhood of $18.8 million to $18.9 million.

What makes Bitmine’s approach distinct from a simple buy-and-hold strategy is the operational layer built on top of it. The company runs MAVAN, which stands for Made in America Validator Network, a staking platform where over 80-85% of its Ethereum holdings are reportedly staked. Staking generates yield by locking up tokens to help secure the Ethereum network, turning a dormant treasury asset into a productive one.

Market reaction and technical signals

BMNR shares climbed approximately 4% following the acquisition announcement. The stock, listed on the NYSE, has become a proxy for institutional Ethereum exposure, similar to how MicroStrategy became a leveraged Bitcoin bet for equity investors who couldn’t or wouldn’t hold the token directly.

Tom Lee, the company’s chairman, pointed to a technical development in the crypto market that he views as bullish. The ETH/BTC ratio has recently broken above 0.02994, crossing above a long-term downward trendline.

Bitmine also counts some notable institutional backers. ARK Invest’s Cathie Wood is among the prominent investors with exposure to the company.

What a 5% holder means for Ethereum

With over 80% of those tokens staked, a huge chunk of supply is effectively removed from active circulation. That reduces the available float for trading, which can amplify price movements in both directions.

There’s also the validator concentration question. When a single entity stakes a significant percentage of Ethereum’s total supply, it raises governance and decentralization concerns. Ethereum’s proof-of-stake mechanism relies on a distributed set of validators to maintain network security and censorship resistance.

The company’s consistent weekly purchase cadence since June 2025 suggests this isn’t a one-time allocation but a systematic strategy with internal targets and timelines. Reaching the 5% threshold would make Bitmine the single largest known holder of Ethereum by a wide margin.

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