Bitmine Immersion Nears 5% Ethereum Ownership Goal

Norwalk-based Bitmine Immersion Technologies now holds 6.03 million Ethereum tokens, moving within striking distance of its stated goal to control 5% of the total circulating supply. The company, which operates on the NYSE under the ticker BMNR, reported its combined crypto and liquid asset holdings reached $16.2 billion as of October 11.

Money Talk·October 12, 2026·reads: 2,743

The firm’s aggressive accumulation strategy, branded internally as the "Alchemy of 5%," has unfolded over 15 months of consistent weekly purchases. Bitmine currently holds 4.9% of the 122.1 million Ethereum tokens in existence. Chairman Thomas Lee attributes this growth to a strategic pivot made during the recent market downturn, positioning the company to capture potential gains from an expected bull cycle driven by institutional wealth transfer and increased tokenization.

Beyond simple accumulation, Bitmine has focused on generating yield through its proprietary Made in America VAlidator Network (MAVAN). The company has staked 5.06 million tokens, valued at approximately $12.9 billion, which management projects could generate $400 million in annualized rewards at scale. To support its capital structure, the company also issued 9.5% perpetual preferred stock, BMNP, which has outperformed broader fixed-income benchmarks since its June issuance. Alongside its primary digital asset holdings, Bitmine maintains $612 million in cash and marketable securities, supplemented by smaller equity stakes in firms like Eightco Holdings.