Bitmine Immersion Technologies Inc. (ticker: BMINR) has accumulated 4.60 million Ethereum (ETH), valued at approximately $10.05 billion as of March 2026. This position represents 3.80% of Ethereum's total circulating supply, placing the company 76% of the way toward its publicly stated target of owning 5% of all ETH in circulation.
The accumulation strategy, tracked from July 2024 through March 2026, shows a consistent upward trajectory, with the pace of acquisition accelerating in late 2025 and early 2026. To complete its 5% target, Bitmine needs to acquire an additional 1.2% of the supply. With $1.20 billion in cash still available, the company has significant "dry powder," though at current ETH prices near $2,100, this capital may be insufficient to close the gap, potentially requiring additional fundraising or a timeline reassessment.
In a related and significant move, Bitmine staked 94,670 ETH (worth around $204 million) on Ethereum's proof-of-stake validator network on March 21, 2026. This brings Bitmine's total staked ETH to 3,142,291 ETH, valued at $6.75 billion. The transaction, identified by Lookonchain and Arkham Intelligence, is one of the largest recent staking moves by a publicly listed company.
The staking action signals a long-term bullish outlook from Bitmine and contributes to network security while reducing the circulating supply available for immediate sale. It is part of a growing trend of institutional participation in staking, with inflows accelerating since early March 2026. More than 25% of Ethereum's circulating supply is now committed to staking, with Bitmine's latest move immobilizing about 2.5% of the total supply.
Bitmine's strategy is a direct adaptation of the MicroStrategy model, but applied to Ethereum. A key difference is the target: while MicroStrategy accumulates Bitcoin against a fixed supply, Bitmine is targeting a percentage of Ethereum's dynamic supply, which expands through staking issuance and contracts through EIP-1559 fee burning, making the 5% goal a "moving reference." The company's earnings per share have grown 189.13% alongside its ETH reserve buildup.
