On August 2, 2026, Bitmine Immersion Technologies disclosed that it holds 5,797,813 ETH, accounting for approximately 4.8% of the total supply of ETH based on current public data. This is just a step away from its proposed "5% Alchemy Target," which aims for a holding of approximately 5% of the supply. Within this week, it has additionally increased its holding by 10,399 ETH, with an overall acquisition cost of approximately $1,880 per coin. On the other side, from July 27 to 31, 2026, Strive made a slight purchase of 20 BTC at an average price of about $63,191 per coin, bringing its Bitcoin holdings to 20,020 coins. The additional purchases are more of a "position correction" rather than a significant increase from its original holdings. Comparing the latest moves from these two institutions, institutional funds have not exited ETH and BTC, but show a higher concentration and clearer target accumulation in ETH, while in BTC, they tend towards a gradual marginal increase.
Bitmine Accumulating 5.79 Million ETH Approaching 5%
Bitmine Immersion Technologies, Inc., listed on the New York Stock Exchange as an Ethereum treasury company (code BMNR), has an asset structure highly centered around ETH. According to a single source, as of August 2, 2026, Bitmine holds 5,797,813 ETH, representing about 4.8% of the total supply of ETH, which is just about 0.2 percentage points away from its goal of "holding 5% of Ethereum." In absolute scale, this position has already reached one of the maximum ETH holdings that a single institution can publicly confirm, and in the week before the disclosure, the company added another 10,399 ETH, showing it maintains a net buying pace as it approaches the target range, rather than simply “lying idle.”
From the perspective of financial endurance and holding costs, Bitmine has the conditions to hold this large position long-term. Its average purchase price for ETH is approximately $1,880 per coin, which falls within a relatively stable cost range amid current price volatility. Additionally, the company disclosed that its cryptocurrency assets, cash, marketable securities, and "Moonshots" have a total value of about $11.3 billion, and it also holds 2,069 BTC as well as approximately $61 million in Eightco Holdings equity. This means that even if the ETH market experiences a temporary pullback, Bitmine still has enough assets to buffer and maintain liquidity, thus not needing to reduce its ETH holdings due to short-term fluctuations, strengthening the credibility of its strategy of "large positions, long cycles" from a capital structure perspective.
What Does a Single Institution Holding Nearly 5% ETH Mean?
From the perspective of the existing structure, Bitmine currently holds about 5,797,813 ETH, close to 4.8% of the total supply (according to a single source). For a mainstream public chain known for "diversified holdings," this is a significantly elevated level of concentration. A simple analogy would suggest that if this portion of chips is mostly in long-term holdings, the nominally unchanged total supply would lead to a relative decrease in the number of "circulating chips" available for frequent trading, potentially amplifying price elasticity under marginal buying and selling shocks; conversely, once these substantial chips become part of trading, the behavior of a single entity could amplify fluctuations in order book reception and sentiment in the short term, making the market more sensitive to every increase or decrease in their disclosures.
It should be emphasized that this amplification of sensitivity is more a possible structural consequence rather than a direct causal chain, and there are currently no data indicating that Bitmine will necessarily make any directional moves as it approaches or touches the 5% mark. Compared to traditional "passively formed" large holders, Bitmine has proactively set the 5% total ETH supply as an internal holding target, labeling it the "5% Alchemy Target" (according to a single source). This transforms the ratio itself from a cold number into a narrative anchor that the market can repeatedly reference: once this goal is genuinely reached, other institutions may have to consider "a single institution has already locked in about 5% of the supply" when allocating ETH, evolving the 5% into a psychological threshold and comparative benchmark for measuring subsequent institutional entry strength and timing.
Strive Acquires Bitcoin Above $63,000
In contrast to Bitmine's setting of a "5% Alchemy Target" for ETH and its strong rhythm of accumulation, Strive's actions in Bitcoin are noticeably more inclined towards "slow variables." According to disclosures, between July 27 and 31, 2026, Strive purchased 20 BTC at an average price of approximately $63,191 per coin (according to a single source), with the corresponding increase representing only about one ten-thousandth of its existing holdings, resembling a smooth incremental configuration within a predetermined position framework rather than a temporary surge in buying.
As of July 31, Strive holds a total of 20,020 BTC and also possesses 505,000 shares of Strategy STRC preferred stock, corresponding to a fair value of about $45.18 million (according to a single source). Under a single disclosure standard, Strive maintains and slightly increases its substantial BTC spot position while exposing itself to crypto-related traditional financial assets through its hold of STRC preferred stock, presenting an overall exposure structure of "spot + equity." This kind of smoothly paced increase in holdings along with equity allocation resembles a multi-layered layout focused on the long-term Beta of Bitcoin, rather than a short-term bet on a single price point.
ETH Concentration Absorption vs. BTC Like Long-Term Reserves
Looking laterally at the latest disclosures from Bitmine and Strive, the institutional buying patterns for ETH and BTC have begun to show differences. According to data from a single source, Bitmine increased its holdings by 10,399 ETH in the week before disclosure, bringing its total holdings to 5,797,813 ETH, about 4.8% of the total supply, and clearly stated the "5% Alchemy Target," which is a typical path shaped by a single institution concentrated on large-scale accumulation. In contrast, Strive added only 20 BTC during the period from July 27 to 31, 2026, raising its holdings from 20,000 to 20,020 BTC, and did not propose any targets related to “holding proportion,” resembling an operation of slow accumulation following a predetermined rhythm.
From the asset attributes perspective, Bitmine's large position layout anchored by supply ratio is closer to using ETH as a strategic operating asset at the corporate level: the goal is to occupy a fixed share of network rights rather than simply adjusting positions in response to price fluctuations; Strive's handling of BTC is more analogous to traditional institutions managing long-term reserve assets, steadily replenishing around a total volume level rather than pursuing "voice control" in the on-chain supply structure. It should be emphasized that the current sample is limited to Bitmine and Strive, and this contrast of ETH being concentrated and BTC being treated as long-term reserves built incrementally is more suitable for structural observations rather than being simply extrapolated as a unified consensus among all institutions.
Understanding Institutional Next Steps Through Bitmine and Strive
In summary, Bitmine disclosed on August 2, 2026, that it holds about 5,797,813 ETH, approximately 4.8% of the total supply, approaching its self-proclaimed 5% "Alchemy Target" (according to a single source); Strive, on the other hand, slightly increased its holdings by purchasing 20 BTC at around $63,191 per coin from July 27 to 31, bringing its total holdings to 20,020 BTC (according to a single source). Together, these signals do not simply suggest a "uniform bullish outlook," but rather lean towards structural allocation signals: Bitmine is clearly making large-scale allocations around the ETH on-chain supply ratio to secure a higher long-term share; Strive's handling of BTC is closer to methodically replenishing within a predetermined total at specific price ranges. Moving forward, two lines should be closely monitored: first, whether Bitmine will choose to slow down and observe as it approaches 5% or continue moving towards 5% or even a higher proportion; second, whether Strive will maintain a similar rhythm of slight increases within the current price range. It should be emphasized that as of August 3, 2026, publicly available data primarily comes from Bitmine and Strive, lacking more systematic concurrent examples of institutional incremental increases, and whether this round of "increased holdings signals" will evolve into a more widespread allocation trend still relies on subsequent financial reports and holdings disclosures for answers.
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