Bitmine Immersion Technologies is closing in on an ambitious milestone: acquiring 5% ownership of Ethereum's entire circulating supply. Currently, it holds between 5.54 million and 5.77 million ETH, representing roughly 4.59% to 4.78% of the estimated 120.7 million ETH in circulation. The firm needs approximately 507,000 additional ETH to hit its target of 6.035 million tokens.

From Bitcoin mining to ETH accumulation

Initially founded as a Bitcoin mining operation, Bitmine’s strategic pivot to becoming an Ethereum treasury-driven company reveals a wider shift in how traditional crypto firms perceive yield and asset allocation. Chairman Tom Lee conceptualized what the company terms the “alchemy of 5%,” leveraging a straightforward strategy: acquire large amounts of Ethereum, continue to accumulate, and generate income by staking those assets. This reflects a trend where companies prioritize long-term staking yields over the volatile rewards of mining.

Currently, Bitmine’s portfolio, inclusive of crypto and cash, ranges between $9.6 billion and $11.3 billion. Its stock (ticker BMNR) actively trades on the NYSE, with volumes often reaching hundreds of millions, occasionally billions, of shares daily. Institutional investors such as ARK Invest, led by Cathie Wood, Founders Fund, and Pantera Capital, back the company, providing further credibility and liquidity.

In 2026, Bitmine launched MAVAN, a bespoke US-based staking infrastructure that supports its ETH holdings with a reported 7-day staking yield of 2.99%. On a base of around 5.5 million ETH, this delivers a significant yield-driven revenue stream, softening some risks from market fluctuations.

Despite the benefits of staking income, Bitmine’s nearing control of 5% of the circulating Ethereum supply raises critical questions about market liquidity and decentralization. A substantial portion of ETH locked in staking effectively reduces the liquid supply, potentially increasing price volatility and concentration risk. Should ETH experience a sharp price correction, the 2.99% yield offers limited cushion against losses, particularly in downturns exceeding 40%.

Investors tracking BITMINE stock should closely watch its remaining ETH acquisitions and any changes in staking yields as MAVAN scales. The behavior of institutional backers amid Bitmine’s final push towards its target will also reveal broader market confidence and potential impact on Ethereum’s supply distribution.

This material is informational and does not constitute financial advice.