NewsMV
$ETH in focus after Bitmine Immersion Technologies (BMNR) published its July chairman's letter, positioning the company's 4.8% stake in total Ethereum supply as the answer to what it calls the "Uncanny Valley of Wealth." With 120.7 million ETH comprising the total network supply, Bitmine's holdings put the company 0.2 percentage points short of a self-defined threshold it terms the "Alchemy of 5%." Shares of BMNR carry additional institutional weight after the company joined the Russell 1000 Large-cap Index on June 26, 2026.
The 5% thesis Bitmine says 96% of the path to that 5% level has been covered in 12 months.
The chairman's July letter frames ETH at that scale as a remedy, using the phrase "Uncanny Valley of Wealth" to name what the company says large Ethereum ownership resolves.
No timeline for completing the remaining stretch has been disclosed. Both the "Alchemy of 5%" formulation and the "Uncanny Valley of Wealth" framing come from the letter's own language, not from external analysts.
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