Bitmine Immersion Technologies' ETH stack reaches 5.77 million tokens, placing it at 4.8% of circulating supply
An ether ($ETH) position of 5.77 million tokens, equal to 4.8% of the 120.7 million ETH in circulation, now sits on the books at Bitmine Immersion Technologies (BMNR). Combined cryptocurrency and cash holdings stand at…
An ether ($ETH) position of 5.77 million tokens, equal to 4.8% of the 120.7 million ETH in circulation, now sits on the books at Bitmine Immersion Technologies (BMNR). Combined cryptocurrency and cash holdings stand at $11.3 billion. The company's self-set accumulation target, which it calls "5% Alchemy," is 96% complete by its own count, inside twelve months.
The supply math behind the position
4.8% of a 120.7 million token supply is a meaningful slice of a liquid asset. Bitmine's "5% Alchemy" framing treats one-in-twenty ether as the named objective. At that level, the company says 96% of the distance to the threshold is behind it, twelve months in. What remains is roughly 0.2 percentage points of total supply, and continued buying is the live variable in the setup.
The $11.3 billion figure combines cryptocurrency holdings and cash. The disclosure does not separate the ETH valuation from other assets or from the cash position, making it a portfolio and liquidity number rather than a pure ETH market value.
Russell 1000 inclusion and the capital stack
On June 26, 2026, Bitmine joined the Russell 1000 Large-cap index. That placement brings BMNR shares in front of passive funds tracking the benchmark, a buyer profile distinct from the active crypto-focused investors who typically hold treasury-accumulation names. The company's capital structure includes Class A preferred shares, though current terms and outstanding count are not detailed in the disclosure.
What to watch
In focus now is whether Bitmine crosses the 5% supply threshold. The company's own "5% Alchemy" language marks it as a named objective. At 96% of the distance covered in twelve months, the filing or announcement confirming that crossing is the next reportable event. The Russell 1000 addition took effect June 26, 2026. No other structural event of comparable scale has been publicly confirmed since.