Bitmine grows ETH war chest to 4.66M tokens worth $9.7B, now controls 3.86% of total ether supply

Bitmine Immersion Technologies, a US‑based public crypto infrastructure company, has disclosed that its Ethereum holdings have reached about 4.66 million ETH, making it one of the largest single ether treasuries and giving it roughly 3.86% of the total ETH supply. As of 22 March 2026, the company valued this position at around $9.7–$9.8 billion (using a reference price of about $2,072 per ETH), within a broader balance sheet of $11.0 billion in crypto, cash and high‑risk equity investments. According to the company’s March 23, 2026 press release, Bitmine’s holdings consisted of 4,660,903 ETH, 196 BTC, approximately $1.1 billion in cash, and equity stakes labeled as “moonshots,” including about $200 million in Beast Industries and $95 million in Eightco Holdings (NASDAQ: ORBS). Bitmine reported that 3,142,643 ETH of its stack was staked—around two‑thirds of its ether position—representing about $6.5 billion at the reference price and forming a key revenue component for the business. The company describes itself as both a Bitcoin miner and an “Ethereum Treasury” vehicle, explicitly pursuing long‑term accumulation of ETH and branding its strategy around a goal of owning 5% of the total ETH supply, a target it refers to as the “Alchemy of 5%.” At 3.86% of supply (based on a circulating supply estimate of 120.7 million ETH), Bitmine says it is more than 77% of the way to that goal. The disclosure matters for both market structure and institutional‑adoption narratives around Ethereum. Concentration of roughly 3.9% of all ETH in a single public company’s treasury underscores the emerging role of corporate balance sheets and listed vehicles as major holders in the Ethereum ecosystem, similar to how some firms have positioned themselves around large Bitcoin reserves. With over 3.1 million ETH already staked, Bitmine is also a sizable participant in Ethereum’s proof‑of‑stake security and yield‑generation economy, and it has signaled plans to expand this through a dedicated staking network called MAVAN, expected to launch in 2026. Subsequent filings and announcements show that Bitmine continued to add ETH after this 4.66 million milestone, later reporting 4.98 million ETH (4.12% of supply) in April 2026 and 5.39 million ETH (4.47% of supply) by late May 2026, indicating an ongoing, aggressive accumulation trajectory. "entities":["Bitmine Immersion Technologies (BMNR)","Ethereum (ETH)","Bitcoin (BTC)","Beast Industries","Eightco Holdings (NASDAQ: ORBS)","MAVAN (Bitmine staking network)","Tom Lee (Bitmine chairman, referenced in coverage)","Coinbase (price reference for ETH)"]}'}}Note: The above appears to be malformed; here's the corrected JSON response:`json

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