BitMine’s $5m ETH bet makes Ethereum’s decentralization look fragile
BitMine Immersion Technologies now controls 5,390,404 ETH—around 4.47% of Ethereums total supply—after quietly accelerating its “5% Alchemy” accumulation strategy to within striking distance of its self-imposed goal.BMNR reports holding 5.39 million Ethereum (ETH) at an average entry of $2,134, plus $444 million in cash, for combined crypto, cash and “moonshot” assets of $12.3 billion.The company says it has staked roughly 4.71 million ETH—worth about $10.1 billion at recent prices—with expected annual staking income of $276 million at a 2.75% annualized yield.One listed corporate treasury now controls a low-single-digit slice of Ethereums supply and an even larger share of its active validator set, raising uncomfortable questions about network governance and consensus capture. As of May 25, BitMine Immersion Technologies says its treasury has reached 5,390,404 ETH held at an average acquisition price of $2,134, representing 4.47% of Ethereum‘s roughly 120.7 million coin supply. According to the company’s latest release, that stash sits alongside 203 BTC, $200 million in Beast Industries equity, $95 million in Eightco Holdings “moonshot” exposure and $444 million in cash, bringing total crypto, cash and moonshot assets to $12.3 billion. BMNR frames this as progress toward what chairman Tom Lee has branded the “Alchemy of 5%”—a plan to acquire roughly