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BitMine Immersion Technologies (BMNR), a prominent player in the Bitcoin and Ethereum network space, has announced a significant milestone: its Ethereum (ETH) holdings now surpass 2% of the entire Ethereum network supply. This achievement brings the company closer to its ambitious target, dubbed the 'Alchemy of 5%', signifying a strategic move to become a dominant holder in the Ethereum ecosystem. With ETH holdings exceeding 2.4 million tokens and a formidable total of $11.4 billion in crypto and cash assets, BitMine is solidifying its position as a major force in the digital asset landscape.
Strategic Accumulation and Impressive Portfolio
As of September 21, 2025, BitMine's robust crypto and cash holdings total an impressive $11.4 billion. This comprehensive portfolio includes 2,416,054 ETH tokens, valued at $4,497 per ETH according to Bloomberg data. Beyond Ethereum, the company also holds 192 Bitcoin (BTC), an additional $175 million stake in Eightco Holdings (NASDAQ: ORBS) as part of its 'moonshots' investments, and a substantial $345 million in unencumbered cash. This diversified yet ETH-centric approach underscores BitMine's long-term investment strategy in digital assets.
Remarkably, BitMine now stands as the number one Ethereum treasury globally and ranks as the second-largest overall crypto treasury, trailing only Strategy Inc (MSTR), which boasts 638,460 BTC valued at $74 billion. This distinction highlights BitMine's unparalleled focus and success in accumulating Ethereum, making it a critical entity within the decentralized finance world.
Chairman's Vision: The Alchemy of 5%
Thomas "Tom" Lee of Fundstrat, serving as the Chairman of BitMine, articulated the strategic importance of this milestone. "BitMine ETH holdings now exceed 2% of supply as we move towards our 'Alchemy of 5%' of ETH supply," stated Lee. He noted the tangible impact of these acquisitions on the company's valuation, observing that BitMine's equity increased from $38 (20-moving average) when it approached 1% ETH holdings to over $61 as it surpassed the 2% mark. This correlation reinforces the company's belief in the value proposition of large-scale ETH accumulation.
Lee further elaborated on the driving forces behind Ethereum's current momentum. He described a "supercycle for Ethereum" being ignited by the convergence of Wall Street integrating with blockchain technology and the emergence of AI and agentic-AI creating a token economy. This environment, he posits, creates significant power law benefits for substantial ETH holders, thus justifying BitMine's aggressive pursuit of 5% of the total Ethereum supply.
Ethereum at the Forefront of Financial Transformation
The broader economic and regulatory landscape also plays a pivotal role in BitMine's strategy. Thomas Lee drew a parallel between the current transformations and historical financial shifts, specifically referencing the US action on August 15, 1971, which ended Bretton Woods and the USD's gold standard. He suggests that legislative initiatives like the "GENIUS Act" and the SEC's "Project Crypto" in 2025 are equally transformative for financial services, potentially leading to a modernization akin to that which created today's Wall Street titans and financial infrastructure.
Lee firmly believes that "Ethereum is one of the biggest macro trades over the next 10-15 years." The ongoing integration of Wall Street and AI onto the blockchain is expected to profoundly reshape the global financial system, with Ethereum poised to be the primary platform facilitating much of this innovation. This forward-looking perspective underpins BitMine's long-term commitment to Ethereum as a foundational asset for future financial paradigms.
Market Prominence and Investor Confidence
Beyond its substantial asset holdings, BitMine has also achieved significant prominence in the stock market. According to Fundstrat data, BitMine is now one of the most actively traded stocks in the US, with an average daily dollar volume of $3.5 billion (5-day average as of September 21, 2025). This places BMNR at rank #24 among 5,704 US-listed stocks, positioning it ahead of major companies like Eli Lilly and just behind Opendoor Technologies. This high trading liquidity reflects strong investor interest and confidence in BitMine's strategic direction and asset accumulation strategy.
The company's success is further bolstered by a premier group of institutional investors, including ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Thomas "Tom" Lee himself. These high-profile endorsements underscore the credibility and potential seen in BitMine's goal of acquiring 5% of ETH, reinforcing its status as a leader in the crypto treasury space. Lee proudly stated, "At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock."
About BitMine Immersion Technologies
BitMine Immersion Technologies is fundamentally a Bitcoin and Ethereum Network Company dedicated to the long-term accumulation of cryptocurrencies. This accumulation is achieved through various means, including its Bitcoin mining operations and proceeds from capital-raising transactions. The company's business lines extend to synthetic Bitcoin mining, offering hashrate as a financial product, providing advisory and mining services to companies seeking Bitcoin-denominated revenues, and general Bitcoin advisory for public companies. BitMine strategically operates its mining facilities in regions with low-cost energy, specifically in Trinidad, Pecos, Texas, and Silverton, Texas, optimizing its operational efficiency and profitability.
