BitMine Immersion Technologies has disclosed its Ethereum holdings, revealing that it now possesses approximately 5.7 million ETH, putting it within striking distance of its stated goal to accumulate 5% of the circulating supply.
This milestone represents a significant shift in strategy for the company, which has pivoted from operating as a conventional proof-of-work miner focused on Bitcoin to holding Ethereum as a principal treasury reserve.
The move reflects a broader trend among crypto-linked public companies seeking to transition from cyclical mining exposure to recurring cash flow models built around staking and infrastructure.
BitMine's 5.7 million ETH, valued at roughly $9.7 billion, represents about 93% progress toward its '5% goal', according to the company's chairman, Tom Lee.