Bitmine Holds 5.77 Million ETH, 4.8% of Total Supply.

Par DCN Editorial Team
Publié le 14 July 2026

Ethereum (ETH)

Bitmine Holds 5.77 Million ETH — 4.8% of Total Supply, Worth $11.3 Billion

Bitmine Immersion Technologies (BMNR), the American crypto-mining giant listed on the NASDAQ, made a resounding announcement on July 13, 2026 that reshapes the contours of the institutional digital asset market. The company now holds 5.77 million Ethereum (ETH) tokens, representing 4.8% of the total circulating supply of the world’s second-largest cryptocurrency, estimated at 120.7 million units. Combined with its cash reserves and other digital assets, Bitmine’s total wealth reaches the staggering figure of $11.3 billion.

This announcement, released via an official press release through PR Newswire, marks a historic milestone for a publicly traded mining company. Never before had a public entity accumulated such a significant fraction of Ethereum’s total supply. With 4.8% of all existing ETH under its control, Bitmine is rapidly approaching what management calls the “5% Alchemy” — a symbolic threshold set just twelve months ago. The company has already reached 96% of this goal in a remarkably short time frame of exactly one year.

The methodology behind this massive accumulation rests on a strategy of systematically hoarding mining rewards. Rather than selling its freshly mined ETH on the market to cover operational costs — a common practice in the mining industry — Bitmine has bet on aggressive hoarding, financing its expenses through other financial mechanisms, including capital raises and credit lines backed by its digital assets. This approach, risky yet potentially highly lucrative in a bull market, has allowed the company to steadily increase its ETH reserve without diluting its value through massive sales.

The accumulation comes against the backdrop of an Ethereum price hovering around $1,780 at the time of the announcement. At that price, the 5.77 million ETH held by Bitmine alone represent a value approaching $10.27 billion. The remaining portion of the announced $11.3 billion comes from cash reserves, stablecoins, and other cryptocurrencies held on the balance sheet, making Bitmine one of the largest treasury holders of digital assets globally, across all categories.

To put this figure into perspective, Bitmine’s $11.3 billion exceeds the cash reserves reported by many Fortune 500 companies. This places the mining company in a financial category far beyond what one traditionally expects from a cryptocurrency miner. Bitmine is no longer simply an operator of energy-intensive data centers: it has become a veritable investment fund in digital assets listed on the stock market, with an investment thesis directly tied to the long-term appreciation of Ethereum.

Bitmine’s meteoric rise in traditional financial markets was consecrated on June 26, 2026, when the company was added to the Russell 1000 Index, which groups the thousand largest U.S. stock market capitalizations. This inclusion in the Russell 1000, a premier large-cap index, sent a strong signal to institutional investors. It means that pension funds, index funds, and asset managers that passively track the Russell 1000 are now automatically exposed to Bitmine and, by extension, to its massive Ethereum accumulation strategy.

The impact of this index inclusion should not be underestimated. The index funds and ETFs that replicate the Russell 1000’s performance collectively manage hundreds of billions of dollars in assets under management. The mere mechanical rebalancing of these funds — which must buy Bitmine shares to reflect its weight in the index — generates structural demand for the BMNR stock. This dynamic creates a virtuous circle: the more the stock rises, the more Bitmine’s market capitalization grows, the heavier its weight in the index becomes, attracting even more passive buying.

For the Ethereum market as a whole, Bitmine’s position raises fundamental questions about liquidity and supply concentration. With 4.8% of all ETH held by a single entity, the issue of governance and Bitmine’s potential influence over the Ethereum protocol arises. Although holding tokens does not confer direct rights over protocol development, it grants considerable weight in staking and validation mechanisms, as well as a theoretical ability to influence on-chain governance decisions through decentralized autonomous organizations linked to the Ethereum ecosystem.

Concentration of ETH supply in the hands of institutional players is a trend that has accelerated over recent quarters. Bitmine is not alone in this race: funds like Grayscale Investments, companies like MicroStrategy (to a lesser extent for ETH), and now the newly approved spot Ethereum ETFs in the United States all participate in a massive movement to withdraw tokens from circulation. This phenomenon of a “supply shock” is regularly cited by analysts as a bullish catalyst for Ethereum’s price in the medium to long term.

By controlling nearly 5% of the total ETH supply, Bitmine exerts considerable leverage on supply-demand dynamics. The vast majority of these tokens are held in cold storage wallets and do not actively participate in trading on centralized or decentralized exchanges. This correspondingly reduces the liquid supply available for trading, which in theory amplifies upward price movements when demand increases. Investors seeking to acquire ETH must therefore make do with a circulating supply that is effectively smaller than the theoretical 120.7 million.

Bitmine’s strategy is reminiscent, in some respects, of MicroStrategy’s approach to Bitcoin. Where Michael Saylor transformed his business intelligence company into a bitcoin investment vehicle with over 200,000 BTC on its balance sheet, Bitmine appears to be embarking on a similar path with Ethereum. The major difference lies in the fact that Bitmine is first and foremost a miner — it produces its own ETH through computation — whereas MicroStrategy buys it on the market. This distinction is important because it means Bitmine does not contribute to direct buying pressure on the spot market; rather, it...