Bitmine Immersion Technologies has disclosed ETH holdings of 5.28 million tokens, equivalent to 4.37% of Ethereum's total circulating supply of 120.7 million coins. The company added 71,672 ETH in a single week, pushing total crypto and cash holdings to $12.6 billion. Of that stack, 4.71 million ETH — worth approximately $10.3 billion — is actively staked.
The scale of the accumulation is striking: Bitmine has reached 87% of its self-declared 'Alchemy of 5%' target in just 11 months, meaning the company is on pace to control more than one-twentieth of all ETH in circulation within the year.
For Ethereum watchers, the structural read is straightforward — a single corporate treasury absorbing supply at this pace reduces the liquid float available to the market. Combined with the staking component locking nearly 4.71 million tokens out of circulation, the net effect on tradeable ETH…
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