Bitmine Immersion Technologies has disclosed that it now controls 3.37% of the total Ethereum token supply, marking a major milestone in its stated ambition to acquire 5% of all ETH—a target it refers to as the “Alchemy of 5%.”
The update was released on Monday as part of a broader announcement detailing the company’s rapidly expanding crypto treasury and capital market footprint.
As of December 21, Bitmine reports holdings of 4,066,062 ETH valued at approximately $2,991 per token, alongside 193 Bitcoin and $1.0 billion in cash. Including a $32 million equity stake in Eightco Holdings and other crypto assets classified as “moonshots,” the company’s total crypto, cash, and opportunistic holdings reached $13.2 billion.
Ethereum’s circulating supply currently stands at roughly 120.7 million tokens, making Bitmine the world’s largest ETH treasury holder.
Treasury Growth, Institutional Backing, and Market Liquidity
Bitmine’s ETH accumulation has accelerated sharply in recent months. According to the company, it added 98,852 ETH in the past week alone, pushing total holdings beyond the 4 million ETH threshold just 5.5 months after initiating its strategy.
Fundstrat Chairman Tom Lee said the pace of accumulation reflects Bitmine’s role as a bridge between traditional finance and on-chain infrastructure, particularly as tokenization and decentralized finance gain institutional traction.
The company reports that it leads crypto treasury peers both in the velocity of increasing crypto net asset value (NAV) per share and in the trading liquidity of its equity.
BMNR stock is now the 66th most traded stock in the United States, with an average daily trading volume of $1.7 billion over the past five days, ranking just behind Wells Fargo and ahead of Chevron among more than 5,700 listed U.S. equities.
Bitmine remains backed by a prominent group of institutional and strategic investors, including ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, Galaxy Digital, Digital Currency Group (DCG), Kraken, Bill Miller III, MOZAYYX, and personal investor Thomas “Tom” Lee.
Bitmine ranks as the number one Ethereum treasury globally and the second-largest crypto treasury overall, behind Strategy Inc., which holds more than 671,000 Bitcoin.
Beyond accumulation, Bitmine is advancing its “Made in America Validator Network” (MAVAN), a secure staking infrastructure platform expected to launch in early 2026.
The company will hold its annual stockholders meeting at the Wynn Las Vegas on January 15, 2026, inviting shareholders to attend in person as it outlines the next phase of its ETH-centric strategy amid what it describes as a transformational regulatory moment for U.S. financial markets.
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