Bitmine's July letter calls ETH the cure for the 'uncanny valley of wealth' as BMNR discloses 4.8% supply stake
A July chairman's letter from Bitmine Immersion Technologies (BMNR) put $ETH in focus, with the company disclosing a 4.8% stake in total Ether coin supply and placing itself 96% of the way toward what the chairman calls…
A July chairman's letter from Bitmine Immersion Technologies (BMNR) put $ETH in focus, with the company disclosing a 4.8% stake in total Ether coin supply and placing itself 96% of the way toward what the chairman calls the "alchemy of 5." The letter frames ETH as the antidote to a phenomenon the chairman labels the "uncanny valley of wealth." The next milestone on the tape is closing that final gap to a five-percent position.
The supply claim at the center of the letter
Bitmine states that total ETH coin supply amounts to 120.7 million and that the company's disclosed holding represents 4.8% of that figure. Both numbers come from the chairman's July message. No custodian confirmation and no on-chain wallet disclosure appear in the sourced summary, and the company states no dollar valuation for the position.
The "uncanny valley of wealth" is the chairman's own terminology. The letter positions conventional treasury assets as failing beyond a certain threshold and presents ETH accumulation as the remedy. No specific ETH price level triggers that argument in the source.
96% toward the five-percent mark
At 4.8% of total ETH supply, the company places itself at 96% of the path to its stated objective. The arithmetic is clean: 4.8 is 96% of 5, leaving roughly 0.2 percentage points of supply still to accumulate. Bitmine's letter offers no mechanism, whether open-market purchases or staking rewards, for completing that final stretch.
The "alchemy of 5" framing is Bitmine's own. The company has not cited any external benchmark or index that treats a five-percent ETH supply threshold as a reference point. The terminology and the target both originate in the chairman's July message.
What to watch
Any on-chain disclosure or regulatory filing from Bitmine Immersion Technologies confirming ETH holdings above 5% of total circulating supply is the definitive print. Until that confirmation lands, the five-percent "alchemy" remains a stated goal, 96% complete by the company's own accounting.