Bitmine Immersion Technologies now holds roughly 4.28 million ether, equivalent to 3.55% of ethereum’s circulating supply, a concentration that places the firm among the most influential single holders of the asset.

The milestone comes just six months after Bitmine began aggressively building its ethereum treasury, leaving the company more than 70% of the way to its stated ambition of owning 5% of all ETH. In a market where large accumulations usually take years, the pace alone has drawn attention.

According to the company, the ethereum position sits within a broader crypto and cash balance totaling $10.7 billion, combining digital assets, cash reserves, and minority investments. Ethereum accounts for the overwhelming share of that exposure, reinforcing Bitmine’s strategy of treating ETH as a long-term treasury asset rather than a short-term trade.

The accumulation has unfolded during a period of weaker ETH prices, even as onchain activity metrics—such as daily transactions and active addresses—have trended higher. Bitmine’s executive chairman, Tom Lee, has argued that the disconnect reflects macro and leverage-driven pressures rather than deteriorating network fundamentals.

A large portion of Bitmine’s holdings is already staked. As of Feb. 1, the company reported nearly 2.9 million ETH staked, generating annualized staking income that it estimates in the hundreds of millions of dollars, depending on prevailing rates and network conditions.

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Beyond the balance sheet, the scale of Bitmine’s ethereum ownership raises broader questions about concentration, governance influence, and how corporate treasuries are reshaping crypto market structure. With its 5% target now clearly in sight, Bitmine’s next moves are likely to face even closer scrutiny from both investors and the wider Ethereum community.

• What percentage of ethereum does Bitmine own?
  Bitmine holds about 3.55% of Ethereum’s total circulating supply.
• How much ETH does Bitmine control?
  The company reports holdings of roughly 4.28 million ether.
• What is Bitmine’s “Alchemy of 5%” goal?
  It refers to Bitmine’s stated aim of owning 5% of all ETH in circulation.
• How quickly did Bitmine reach this level?
  The firm accumulated its current ethereum position in approximately six months.

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