Bitmine Reaches Milestone with 5.8 Million Ethereum Holdings

Bitmine Immersion Technologies announced its Ethereum holdings have reached 5.8 million tokens, valued at over $11 billion. This accounts for 4.8% of the total ETH supply of 120.7 million.

The company is closing in on the 'Alchemy of 5%' target, aiming to hold 5% of the total ETH supply. With its current holdings, Bitmine is already 96% of the way to achieving this goal in just 13 months.

In July, Ethereum outperformed the Nasdaq 100 by a significant margin of 2,500 basis points, marking one of the largest outperformances since July 2025. This is seen as a reflection of the strengthening fundamentals of crypto.

Bitmine repurchased 4.5 million common shares in the past week under its $4 billion share repurchase program. The company's management team views Bitmine shares as attractively valued, having historically outperformed Ethereum over the following month after such outperformance.