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BitMine Immersion (BMNR) Exceeds 2% of Ethereum Network Supply with $11.4 Billion in Total Holdings
BitMine Immersion (BMNR) has announced a significant milestone, revealing that its Ethereum (ETH) holdings now exceed 2% of the entire Ethereum network supply. This remarkable achievement comes with total crypto and cash reserves soaring to an impressive $11.4 billion. The company, a prominent player in the Bitcoin and Ethereum space, is actively pursuing an ambitious goal to further consolidate its position, aiming for what it refers to as the 'Alchemy of 5%' of the ETH supply. This announcement positions BitMine as a leading entity in the cryptocurrency investment landscape, demonstrating a robust accumulation strategy for long-term growth and strategic market influence.
Unpacking BitMine's Vast Crypto and Cash Portfolio
As of September 21, 2025, BitMine's substantial holdings include 2,416,054 ETH tokens, valued at $4,497 per ETH according to Bloomberg data. Beyond its dominant Ethereum stake, the company also holds 192 Bitcoin (BTC), an additional $175 million stake in Eightco Holdings (NASDAQ: ORBS), which they categorize as "moonshots," and a substantial $345 million in unencumbered cash. This diversified portfolio underscores BitMine's strategic approach to digital asset management and investment. Its current ETH treasury not only ranks as the largest in the world but also positions BitMine as the second-largest global crypto treasury overall, trailing only Strategy Inc (MSTR), which boasts 638,460 BTC valued at an estimated $74 billion. This robust financial position highlights BitMine's unparalleled commitment to digital asset accumulation.
The Strategic Vision: Ethereum's Supercycle and the 'Alchemy of 5%'
Thomas "Tom" Lee, Chairman of BitMine and a respected figure from Fundstrat, emphasized the strategic importance of these holdings. He noted that surpassing the 2% ETH ownership mark coincided with a significant increase in BitMine's share price, rising from an August average of $38 to over $61. Lee articulated a vision where the convergence of traditional Wall Street institutions moving onto the blockchain, coupled with the rise of AI and agentic-AI creating a token economy, is ushering in a "supercycle" for Ethereum. He firmly believes that this paradigm shift will particularly benefit large holders of ETH, thus justifying BitMine's aggressive pursuit of a 5% stake in the network, a goal central to their long-term growth strategy.
Market Impact and Future Outlook: A New Financial Era
Lee further asserted that Ethereum represents one of the most significant macro trades anticipated over the next 10-15 years. He highlighted the transformative potential of Wall Street and AI integrating with blockchain technology, foreseeing a profound evolution of the current financial system, largely facilitated by the Ethereum network. Furthermore, the narrative suggests that legislative initiatives like the GENIUS Act and the SEC's Project Crypto in 2025 are poised to be as revolutionary for financial services as the historical events of August 15, 1971, which ended the Bretton Woods system and the USD's gold standard. These modern developments are expected to catalyze a new era of financial innovation, akin to how the 1971 shift led to the modernization of Wall Street and the emergence of today's financial giants, signifying better investments than traditional gold.
BitMine's Prominence in the Trading Arena and Core Business
Reflecting its growing influence, BitMine has also become one of the most actively traded stocks in the United States. According to data from Fundstrat, the stock has traded an impressive average daily dollar volume of $3.5 billion over a five-day period ending September 21, 2025. This activity ranks BitMine as the 24th most traded stock among over 5,700 US-listed companies, surpassing established names like Eli Lilly (rank #25) and positioned just behind Opendoor Technologies (rank #23). BitMine's core business revolves around Bitcoin and Ethereum network activities, focusing on accumulating crypto for long-term investment, whether acquired through its Bitcoin mining operations or from the proceeds of capital raising transactions. Its operations are strategically located in low-cost energy regions, including Trinidad, Pecos, Texas, and Silverton, Texas. The company offers a range of services from Bitcoin mining and synthetic mining to advisory services for companies seeking Bitcoin-denominated revenues, reinforcing its leadership in crypto treasury management.
