- BitMine Immersion Technologies now holds 6,016,414 ETH worth about $16.4 billion, putting its Ethereum treasury at 4.9% of the network’s 122.1 million-token supply.
BitMine Immersion Technologies Inc. (NYSE: BMNR) has accumulated more than 6 million Ethereum (ETH) tokens, bringing the company within roughly 89,000 ETH of its stated goal of owning 5% of the cryptocurrency’s total supply. The company disclosed the latest figure on October 5, reporting 6,016,414 ETH as of October 4 at 6:30 p.m. ET.
At the $2,726 ETH reference price used by BitMine, the holdings were worth approximately $16.4 billion. Ethereum's total supply stood at about 122.1 million tokens, according to current market data, putting BitMine's reported holdings at approximately 4.9% of the network.
The latest purchase was relatively small compared with some of BitMine's earlier acquisitions. The company bought 15,112 ETH, worth roughly $41 million at the reference price, during the week through October 4. It marked another weekly purchase since BitMine launched its Ethereum treasury strategy in June 2025.
BitMine's Ethereum Treasury Is Closing In on the 5% Target
BitMine's 5% objective, which chairman Tom Lee calls the “Alchemy of 5%”, would require roughly 6.105 million ETH based on the 122.1 million-token supply cited in the company's latest disclosure. At 6,016,414 ETH, BitMine is about 88,600 tokens short of that level.
The company has built the position rapidly. In September, BitMine reported nearly 6 million ETH, up from 5.93 million earlier in the month, according to its SEC-filed disclosure on the Ethereum treasury.
The pace of accumulation has made BitMine the largest publicly disclosed Ethereum treasury, with its holdings representing a substantial share of the ETH held by public companies. A corporate-adoption report earlier this year estimated that BitMine accounted for about 73% of Ethereum held by public-company treasuries when it held 5.42 million ETH.
BitMine is also not simply holding all of its ETH idle. The company reported 5,067,309 ETH staked, representing roughly 84% of its total Ethereum position and about $13.8 billion at the $2,726 reference price.
The staking activity is conducted through MAVAN, BitMine's institutional staking and validation platform. The company said its seven-day staking yield was 2.63% on an annualized basis and projected annualized staking revenue of about $363 million based on its current operations. Those figures are company projections and can change with staking yields and the amount of ETH deployed.
The scale of BitMine's treasury also adds another dimension to the broader institutional Ethereum investment story, where corporate accumulation, ETFs and tokenization have become important parts of the market narrative.
What BitMine's 6 Million ETH Position Means for Ethereum
BitMine's accumulation is taking place while Ethereum remains well below its August 2025 record high of roughly $4,954. Current ETH market data puts the token around $2,700, leaving it more than 45% below that peak.
The size of BitMine's treasury means movements in ETH have a direct effect on the dollar value of the company's assets. A $100 change in ETH, for example, would alter the market value of 6,016,414 ETH by roughly $602 million, before accounting for staking income or any changes in the company's other holdings.
BitMine reported total crypto, cash, marketable securities and other investments of $17.4 billion as of October 4. In addition to its ETH position, the company held 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and $117 million invested in Eightco Holdings (NASDAQ: ORBS).
The growing treasury also gives investors another way to gain exposure to Ethereum through a publicly traded company. That has become increasingly relevant as institutional participation in digital assets expands, although owning BMNR shares is not equivalent to directly holding ETH because the stock price also reflects the company's capital structure, operating activities, and market valuation.
Ethereum's broader market backdrop remains important. Recent Ethereum market gains above $2,700 have coincided with renewed interest in digital-asset investment products and institutional demand.
At the same time, ETH remains exposed to the wider macroeconomic environment. Higher interest rates, Treasury yields and tighter financial conditions can weigh on speculative assets, as discussed in recent analysis of another potential Federal Reserve rate increase.
BitMine's strategy therefore represents a significant corporate bet on Ethereum, but the size of its holdings does not guarantee that ETH will rise or that BMNR shares will track the token's performance.
For now, the numbers are straightforward: BitMine owns 6,016,414 ETH, worth about $16.4 billion at the company's October 4 reference price, equal to approximately 4.9% of Ethereum's 122.1 million-token supply. The company needs roughly another 89,000 ETH to reach its stated 5% target.