Bitmine Immersion Tech Has Accumulated 3.8% of Its 5% Ethereum Supply Target and Still Has $1.2B to Deploy

Bitmine Immersion Tech, trading under the ticker BMINR, holds 4.60 million ETH valued at approximately $10.05 billion as of March 2026, according to StrategicEthReserve.xyz data. That position represents 3.80% of the total Ethereum circulating supply, placing the company 76% of the way toward its stated target of owning 5% of all ETH in circulation.

The accumulation chart covering July 2024 through March 2026 shows a consistent upward curve from near zero to the current 4.60 million ETH position. The trajectory has not been linear but has maintained a steady pace of acquisition across each quarterly period visible in the data, with the curve steepening through late 2025 and early 2026 as the position approached its current scale.

The Capital Still Available

With $1.20 billion in cash available and a 5% supply target still 24% away from completion, Bitmine has meaningful dry powder remaining relative to its stated objective. Reaching 5% of Ethereum’s circulating supply from the current 3.80% requires acquiring approximately 1.2% of additional supply, a figure that at current ETH prices represents a substantial further commitment.

The EPS growth figure of positive 189.13% reflects the financial performance trajectory accompanying the accumulation strategy, suggesting the company’s earnings per share have grown significantly alongside the ETH reserve buildup. That growth rate provides context for how the accumulation has been funded and sustained across the program’s timeline.

The Strategy Parallel

The structure of Bitmine’s approach mirrors the framework Strategy established for Bitcoin accumulation, covered in earlier reporting today. A publicly traded company using its balance sheet and capital markets access to build a concentrated position in a single digital asset, with a specific supply percentage target and public progress tracking, is a direct adaptation of the MicroStrategy model applied to Ethereum.

The differences are meaningful. Strategy is accumulating Bitcoin against a fixed 21 million coin supply, where 5% ownership would represent approximately 1.05 million BTC. Bitmine is targeting 5% of Ethereum’s circulating supply, which is not fixed and expands through staking issuance while contracting through EIP-1559 fee burning. The dynamic supply makes the 5% target a moving reference rather than an absolute number, requiring ongoing acquisition to maintain the percentage even after reaching it.

At $10.05 billion in current ETH reserve value against $1.20 billion in available cash, Bitmine’s deployment capacity represents approximately 12% of its current position size. Whether the remaining cash is sufficient to close the gap to 5% depends on where ETH trades during the final acquisition phase. At current prices near $2,100, the remaining 1.2% of supply would require considerably more capital than the available $1.20 billion implies, suggesting either additional capital raises or a reassessment of the timeline will be required to complete the target.

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