5.78 million $ETH tokens sit on Bitmine Immersion Technologies' (BMNR) balance sheet, equal to 4.8% of the cryptocurrency's total reported supply of 120.7 million coins. The two figures reconcile: 5.78 million divided by 120.7 million is 4.79%, which Bitmine rounds to 4.8%. Total crypto and liquidity holdings, including positions beyond ETH, stand at $11.5 billion, reported.
Progress toward the Alchemy of 5%
Bitmine has given its accumulation campaign a name: "Alchemy of 5%." The target is 5% ownership of the total ETH supply. At 4.8%, and with 12 months of buying behind it, the company has reached 96% of that stated goal. The math: 5% of 120.7 million coins equals approximately 6.04 million tokens. Current holdings of 5.78 million leave a gap of roughly 255,000 ETH at the reported supply level.
The 12-month timeline is the figure management leads with, and it frames a large, concentrated accumulation as disciplined progress. The announcement does not disclose the average cost per token. Without that number, there is no per-unit basis to set against any current market valuation.
Share repurchases running in parallel
In the past week, Bitmine repurchased 5.5 million ordinary shares under its authorized buyback program. Running a buyback alongside active token accumulation compresses the share count while the ETH position grows. Each remaining share's proportional claim on the token stack expands as the float shrinks. The announcement does not state the total authorized size of the program or how much capacity remains.
Concentration risk at 4.8%
A 4.8% stake in any single asset's total supply is a concentrated position. Secondary-market dynamics cut in both directions: accumulating the remaining approximately 255,000 tokens to cross the 5% threshold exerts buying pressure, while an eventual exit of a 5.78-million-token position would move the market the other way. Bitmine's reported $11.5 billion in combined crypto and liquidity gives the balance sheet depth to continue buying. The company has not indicated whether the 5% threshold is a ceiling or a waypoint. The last reported position is 5.78 million tokens, 255,000 short of the stated goal.