Bitmine Immersion Technologies has accumulated 5,416,901 ETH — about 5.42 million coins — worth $10.85 billion at current prices. That stash now represents nearly 5% of Ethereum's entire circulating supply, a concentration rare even among the largest institutional holders.
5.42 million coins, $10.85 billion
The company's ETH holdings alone would rank it among the top few whales on the Ethereum ledger. Five percent of supply under one roof is unusual — it means any large move by Bitmine could sway the market. The firm's average cost basis across the entire portfolio isn't public, but last week's buy suggests it sees value here.
Last week's $53 million buy
Bitmine added 26,497 ether last week, spending about $53 million at an average price of $2,003 per coin. That's a sizable bet even by institutional standards. The purchase came without any prior announcement, and the company hasn't explained its rationale. But the steady accumulation — this is just the latest in a series of buys — points to a deliberate strategy of building a war chest.
A tight grip on the supply
With nearly 5% of all circulating ETH, Bitmine holds more than most exchanges and even some country-level reserves. The float — the amount of ETH readily available for trading — shrinks with every addition. If the firm ever decided to sell a meaningful chunk, it could move prices quickly. For now, the direction is clear: accumulating.
The company's next public filing will likely show whether this pace continues. Either way, Bitmine has already cemented itself as one of Ethereum's largest single holders.
