Bitmine Immersion Technologies added another 101,745 Ethereum last week, lifting its total to more than 5,180,000 tokens. That is over 4.29% of ETH supply—close to one in every 25 tokens in circulation. The company now values that position at roughly $12.1 billion, out of $13.1 billion in combined crypto and cash assets.
The key point is not just that Bitmine bought more. It is that this treasury is now large enough to matter, and it is still fully tied to ETH’s price. In the same update, Bitmine marked its holdings at about $2,336 per token, so even with more ETH on the balance sheet, the dollar value slipped as the token fell over the week. That is why this matters for viewers: Bitmine is turning into a concentrated corporate proxy for Ethereum itself—bigger upside if ETH rises, but bigger balance-sheet pressure if it drops.