Bitmine Surpasses $11 Billion in Ethereum Holdings Amid 5% Accumulation Goal
Bitmine Immersion Technologies has continued its aggressive accumulation strategy by purchasing an additional 9,926 Ethereum (ETH) tokens during the week ending August 16. This new acquisition brings their total ETH holdings to 5,815,164 tokens, worth approximately $11 billion at current prices.
This represents around 4.8% of Ethereum's entire circulating supply of around 120.7 million tokens. Bitmine is aiming for a 'Alchemy of 5%', which would make them the single largest known holder of Ethereum by a wide margin.
The company has been steadily increasing its ETH holdings since launching its accumulation strategy on June 30, 2025. It's worth noting that over 80-85% of their Ethereum holdings are reportedly staked through MAVAN, a staking platform operated by Bitmine, generating yield by locking up tokens to help secure the Ethereum network.
BMNR shares climbed approximately 4% following the acquisition announcement, with some investors viewing it as a proxy for institutional Ethereum exposure. Cathie Wood's ARK Invest is among the prominent backers of Bitmine. Tom Lee, the company's chairman, pointed out that the ETH/BTC ratio has broken above a long-term downward trendline, which he views as bullish.