Bitmine Immersion Technologies disclosed that its Ethereum holdings reached 5,983,940 tokens, equal to approximately 4.9% of Ethereum's total supply of roughly 122.1 million ETH, according to the company's press release. Valued at $2,688 per ETH by Coinbase's pricing at the time of disclosure, the ETH position alone is worth roughly $16.1 billion, and puts Bitmine at 98% progress toward what the company calls its “Alchemy of 5%” target of owning 5% of all ETH in circulation.