Bitmine Immersion Technologies has moved closer to its goal of controlling 5% of Ethereum’s total supply after increasing its treasury holdings to 5.67 million ETH. The latest update places the company among the most influential institutional participants in the Ethereum ecosystem. The company announced on Monday that its Ethereum treasury is now valued at approximately $9.8 billion. With Ethereum trading near $1,733 at the time of reporting, Bitmine’s holdings represent about 4.7% of the network’s 120.7 million token supply.