Bitmine Holds 6M ETH Tokens Worth $17.2B in Crypto Assets
Bitmine Immersion Technologies has accumulated over 6 million Ether tokens, representing 4.9% of total ETH supply.
Bitmine Immersion Technologies (BMNR) has accumulated more than 6 million Ethereum tokens, pushing the company's total holdings in cryptocurrency, cash, and marketable securities to $17.2 billion, according to an announcement from the firm.
The stash represents approximately 4.9% of Ethereum's entire circulating supply of 122.1 million tokens. The milestone comes just 15 months into the company's self-described "Alchemy of 5%" initiative, with Bitmine now sitting at 98% of that threshold — a pace that suggests the final target could be reached within weeks.
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Ethereum's outperformance has bolstered the company's treasury strategy. In the third quarter of 2026, ETH has ranked as the top-performing macro asset, outpacing the S&P 500 by 6,728 basis points — a gap that lends credibility to Bitmine's concentrated bet on the asset as a primary reserve holding rather than a speculative position.
The accumulation strategy mirrors the playbook adopted by MicroStrategy with Bitcoin, in which a publicly traded company converts a substantial portion of its balance sheet into a single digital asset. Bitmine's approach, however, centers exclusively on Ethereum, wagering that ETH's utility in decentralized finance and smart contracts provides a durable long-term value proposition that justifies the concentration risk.
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