Bitmine Immersion, a crypto mining firm, disclosed it holds 5,206,790 ETH — 4.31% of Ethereum's total supply — as of May 10. The stash, valued at roughly $12.3 billion at current prices, makes the company the single largest known ETH holder. The firm also said it has staked 4.7 million of those coins, generating projected annual rewards of $352 million.
How Bitmine built a 4.31% slice of Ethereum
The company reported $775 million in cash, plus stakes in Beast Industries ($200 million) and Eightco Holdings ($88 million). Since the start of 2026, Bitmine has acquired over 1 million ETH, part of a buying spree that has tightened circulating supply. The company notes Ethereum has been 'disinflationary' since June 30, 2025, with 4.3% of its supply removed from circulation — though that calculation includes Bitmine's own holdings.
Why the pace of ETH buys dropped
Bitmine deliberately slowed its weekly ETH accumulation from more than 100,000 tokens to extend the timeline for reaching 5% of total supply. The company now holds 4.31%, so the 5% target is in sight but not imminent. The strategy suggests Bitmine is pacing itself to avoid moving the market or triggering regulatory attention.
A 'crypto spring' thesis from the CEO
Bitmine's CEO cited a correlation between Ethereum prices and software stock performance as evidence of a 'crypto spring' phase. The company didn't elaborate on how that thesis shapes its buying decisions, but the reference ties Bitmine's massive position to a broader market cycle view.
The next milestone is the 5% supply threshold. Bitmine hasn't said when it expects to hit that mark, but the deliberate slowdown suggests it's pacing itself. Meanwhile, its staking rewards alone — $352 million a year — provide a steady revenue stream that doesn't rely on mining.
