BitMine Immersion Technologies has now acquired over 5.39 million Ethereum after purchasing another 111,942 coins this week. That puts the company at about 4.47% of Ethereum’s circulating supply, based on a total of roughly 120.7 million ETH.
The key point is how close BitMine is getting to 5% of all Ethereum, a target the company has said it wants to reach by the end of 2026. Because ETH can be staked to help secure the network, this is not just a large treasury holding. BitMine says it is continuing to build around staking infrastructure as well as outright accumulation, making this a meaningful concentration story inside the Ethereum ecosystem.