Bitmine's Ethereum Pile Hits 6M Tokens, Nears 5% Supply Goal
FxRoy
•
October 5, 2026
•
8 views
Bitmine Immersion Technologies bought another 15,112 ETH over the past week, lifting its treasury to 6,016,414 tokens. That's a holding worth roughly $13.8 billion at current prices. The firm sits just short of its stated aim to control 5% of Ethereum's total supply.
Why the Scale of This Hoard Stands Out
Corporate treasuries loading up on crypto aren't new. Still, the speed here caught attention. Most firms that dabble keep positions in the low thousands of tokens. Bitmine has pushed far beyond that in a matter of months.
No small feat. Ethereum's circulating supply hovers near 120 million coins, so 5% represents a genuine slice of the network. Few companies have ever signaled such an explicit percentage target in any major digital asset.
How This Compares With Earlier Corporate Moves
MicroStrategy's Bitcoin accumulation offers the clearest parallel. That firm started buying in 2020 and kept adding through multiple cycles. Bitmine appears to be following a similar script but compressed into a shorter window. The difference is the asset itself: ETH carries staking yields that Bitcoin does not, which changes the carrying cost math.
Earlier this year a handful of smaller entities disclosed six-figure ETH positions. None approached the millions. Bitmine's latest purchase suggests the buying program remains active even as broader market sentiment stays mixed.
Market Reaction So Far
ETH traded in a narrow range after the Oct. 5 update. Volume didn't spike dramatically, and the price held near recent lows. Some traders noted the news on social channels, yet the reaction stayed muted compared with past large disclosures.
That's notable. Large treasury announcements once moved spot prices more sharply. The muted response may reflect either fatigue with corporate buying stories or simply the size of Bitmine's existing position already being priced in.
Questions That Remain Open
How the firm funds continued purchases isn't spelled out. Whether it plans to stake the entire stack for yield also stays unclear. And the bigger unknown is what happens if ETH volatility returns in force—treasury strategies built on one-way accumulation can face sharp drawdowns.
Watch position sizing here if you're tracking similar stories. This is the kind of move that catches leveraged traders off guard when sentiment shifts.