Bitmine Immersion Technologies disclosed on April 19, 2026 that its Ethereum treasury stands at 4,976,485 ETH – valued at $2,301 per token – with total crypto and cash holdings aggregating to $12.9 billion, up from the $10.7 billion reported in the company’s March 30 disclosure when holdings reached 4.732 million ETH. The increase reflects both continued accumulation and ETH price appreciation since that filing.

At 4.12% of the total ETH supply of 120.7 million tokens, the position places Bitmine within 23,515 ETH of its stated ‘Alchemy of 5%’ target – a threshold that, if crossed, would mean a single corporate treasury controls one in twenty ether tokens in circulation. That is not a liquidity metric. It is a…