Bitmine Immersion Technologies (OTC: BMNR) announced that its Ethereum holdings have risen to 5,278,462 ETH as of May 17, 2026. At the reported price of $2,191 per ETH, this gives the company ownership of approximately 4.37% of Ethereum’s total circulating supply of 120.7 million ETH, placing it closer to its stated goal of reaching 5% of total supply.

Weekly Accumulation Continues

Over the past week, Bitmine added 71,672 ETH to its holdings, continuing a pattern of regular accumulation that has defined the company’s strategy throughout 2026. The company’s total staked Ethereum now stands at 4,712,917 ETH, valued at approximately $10.3 billion at the reported price. Combined crypto, cash, and “moonshot” holdings total $12.6 billion, according to the announcement.

The holdings also include 202 Bitcoin, a $200 million stake in Beast Industries, and an $83 million stake in Eightco Holdings.

The ‘Alchemy of 5%’ Target

Bitmine has publicly framed its accumulation strategy around reaching 5% of Ethereum’s total circulating supply, a milestone the company refers to as the “Alchemy of 5%.” At the current pace of accumulation, the company would need an additional approximately 762,000 ETH to cross the threshold, assuming no significant changes in Ethereum’s total supply.

The strategy mirrors, in some respects, the approach that Strategy (formerly MicroStrategy) has taken with Bitcoin, using corporate treasury holdings of a single digital asset as a core business strategy. Like Strategy, Bitmine appears to be positioning its equity as a leveraged proxy for the underlying asset.

Context and Considerations

Bitmine’s aggressive ETH accumulation comes during a period of price weakness for Ethereum. ETH has pulled back from higher levels in recent weeks amid broader market pressure from rising oil prices, elevated Treasury yields, and reduced expectations for near-term Federal Reserve rate cuts. The company’s decision to continue accumulating into this weakness suggests conviction in a longer-term thesis, though it also means the portfolio’s mark-to-market value is subject to significant volatility.

It is also worth noting that the concentration of 4.37% of Ethereum’s circulating supply in a single entity raises questions about supply dynamics. While Bitmine’s staked ETH reduces the effective circulating supply available for trading, any future decision to unstake and sell could create meaningful market impact. The company has not publicly addressed contingency scenarios for portfolio rebalancing or liquidation.

Additionally, total holdings declining from $13.4 billion (reported on May 11 at 5.21 million ETH) to $12.6 billion this week — despite adding more ETH — illustrates the mark-to-market risk inherent in the strategy. The company’s portfolio value is closely tied to Ethereum’s price movements, and the current environment of macro uncertainty adds another layer of risk.

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