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Bitmine Immersion Technologies (BMNR) has accumulated 5.70 million $ETH tokens, giving it control over 4.7% of the 120.7 million ETH in total circulating supply.
Combined with cash, the company's crypto and liquid holdings now stand at $9.8 billion — a position that makes Bitmine one of the largest single corporate holders of the asset.
The Race to Own the Network The company has set what it calls an "Alchemy of 5%" target, meaning it wants to hold at least five percent of all ETH outstanding. Eleven months in, Bitmine has covered 94% of that distance.
The framing matters: a company that holds five percent of a proof-of-stake network's native token is not just a treasury investor, it is a structural participant in how that network processes transactions and mints new supply.
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