One firm nears 5% of Ethereum supply

Bitmine Immersion Technologies is the company at the center of the latest Ethereum concentration debate. The Norwalk, Connecticut-based public company said on July 6 that it held 5,742,237 ETH, a position it valued at about $11.1 billion when combined with cash, marketable securities and other crypto holdings. That disclosure put Bitmine at 4.8% of Ethereum’s stated 120.7 million supply and 95% of the way to its self-described “Alchemy of 5%” target, according to the company and a July 8 CryptoSlate report. The scale matters because Ethereum ownership is usually discussed in terms of exchanges, staking pools and custodians, not a single treasury company. CryptoSlate said Bitmine’s accumulation had shifted the conversation toward supply concentration, staking and equity-market exposure tied to Ethereum. Bitmine said 4,879,157 ETH of its holdings were staked as of July 5. (prnewswire.com) ### Which firm is nearing 5% of Ethereum supply? Bitmine Immersion Technologies, which trades on the New York Stock Exchange under the symbol BMNR, is the firm approaching that threshold. The company said in its July 6 release that it owns 4.8% of Ethereum’s total supply and has reached 95% of its 5% target in 12 months. (cryptoslate.com) CryptoSlate identified Bitmine as the company in its July 8 article and described the milestone as part of a broader “treasury boom” in Ethereum. Cointelegraph reported earlier that Bitmine had already raised its Ether treasury to 5.54 million ETH, or 4.59% of supply, before the latest increase. ### How much Ethereum does Bitmine actually hold? (prnewswire.com) Bitmine said its crypto holdings included exactly 5,742,237 ETH as of 6:30 p.m. ET on July 5, 2026. The company also said total cash and marketable securities stood at $527 million, while its broader crypto-and-cash position totaled $11.1 billion. (cryptoslate.com) That ETH total implies a gap of about 0.2 percentage points to Bitmine’s stated goal of owning 5% of Ethereum supply. Using the company’s own supply figure of 120.7 million ETH, 5% would equal about 6.04 million ETH, leaving Bitmine short by roughly 293,000 ETH. (prnewswire.com) ### Why are people focused on staking as well as the holdings? Bitmine said 4,879,157 ETH of its treasury was staked, representing about $8.8 billion at an ETH price of $1,800. That means most of the company’s Ether is not sitting idle but is committed to Ethereum’s proof-of-stake system through validators. (prnewswire.com) CryptoSlate said the combination of treasury ownership and staking exposure is what has intensified the discussion. When a single public company controls a large share of supply and stakes a large share of that position, the debate extends beyond balance-sheet size to validator influence, custody arrangements and how investors get Ethereum exposure through listed equities. (prnewswire.com) ### How did Bitmine get this large this quickly? Bitmine said on July 6 that it had reached the 95% mark in “just 12 months.” The company has framed the strategy as a deliberate effort to accumulate 5% of Ether in circulation, borrowing from the treasury model that Strategy popularized with Bitcoin. (cryptoslate.com) The company’s recent purchases have been large. MSN, citing Bitmine, reported this week that the company bought 42,197 ETH for about $74 million, lifting its holdings to 5.74 million ETH. ### What should readers watch next? Bitmine’s next milestone is straightforward: 5% of Ethereum’s supply, which based on the company’s stated 120.7 million-coin denominator would be about 6.04 million ETH. (prnewswire.com) Future disclosures are likely to show whether additional purchases, staking changes or updated supply figures move it across that line. (msn.com) The company’s investor-relations page lists ongoing treasury updates, and CryptoSlate’s Ethereum coverage has tracked the accumulation and staking data around the 5% goal. Those are the two clearest places to watch for the next named disclosure from Bitmine or a fresh accounting of its share of supply. (bitminetech.io) (prnewswire.com)