Ethereum News Today: BitMine's 'Alchemy of 5%' Strategy Drives $104M ETH Accumulation

A custodial transfer of 23,823 Ethereum (ETH) tokens, valued at approximately $103.96 million at the time of the transaction, was recorded on the Ethereum blockchain earlier this week. Blockchain analytics firm Onchain Lens reported that the transfer originated from BitGo, a prominent institutional custodian, and was directed to a newly created wallet address. While the receiving entity has not been officially confirmed, the transaction has drawn speculation about its potential connection to BitMine Immersion Technologies, an Ethereum-focused digital asset treasury firm led by Fundstrat Capital's Thomas Lee. BitMine has not yet issued a statement attributing the transfer to its operations, and industry analysts caution that definitive identification requires further disclosure from the parties involved.

The move aligns with BitMine's broader strategy of accumulating Ethereum to secure a significant portion of the network's supply. As of late September 2025, the firm had already expanded its ETH holdings to over 2.1 million tokens, valued at approximately $9.2 billion, following a $200 million purchase from BitGo. This acquisition, part of a series of large-scale purchases in 2025, has positioned BitMine as the largest publicly traded Ethereum treasury firm globally. The company's total crypto and cash reserves now exceed $13.4 billion, including 192 Bitcoin (BTC), $456 million in cash, and a $113 million stake in Eightco Holdings, a firm focused on Worldcoin (WLD) investments. BitMine's strategic goal of acquiring 5% of Ethereum's total supply-dubbed the "alchemy of 5%"-has been reinforced by its recent purchasing activity, which has outpaced that of competitors like Sharplink Gaming, which holds approximately 837,000 ETH.

The institutional-grade custodial infrastructure facilitating these transactions highlights the growing role of third-party custodians like BitGo in managing large-scale digital asset movements. BitGo's involvement in the $103.96 million transfer underscores the importance of secure, compliant custody solutions for firms handling billions in crypto assets. Such transfers also signal a broader trend of institutional confidence in Ethereum's long-term value, particularly as the network transitions to a proof-of-stake consensus model and implements upgrades to enhance scalability and efficiency. Analysts note that large ETH accumulations by firms like BitMine may influence market dynamics, potentially reducing liquidity on exchanges and reinforcing bullish supply narratives.

BitMine's aggressive accumulation strategy has been mirrored by other Ethereum-focused companies. For instance, The Ether Machine recently added 150,000 ETH to its treasury, bringing its total holdings to 500,000 tokens, while Sharplink Gaming increased its stash by 39,083 ETH in September 2025. These moves reflect a strategic shift in the crypto industry, where publicly traded firms are increasingly adopting corporate treasuries as a core component of their business models. BitMine's leadership in this trend is further supported by its stock performance: its shares have surged by over 37% in the past month, aligning with broader gains in the crypto market and institutional confidence in Ethereum's prospects.

Despite the firm's public commitments to Ethereum, the unconfirmed nature of the $103.96 million transfer underscores the challenges in attributing large on-chain movements to specific entities. Blockchain analytics platforms like Arkham and Onchain Lens provide valuable insights, but definitive conclusions require direct confirmation from custodians or the firms themselves. BitMine's Thomas Lee has previously emphasized the importance of Ethereum in enabling Wall Street's transition to blockchain technology, framing the asset as a "truly neutral chain" with long-term supercycle potential. Whether the recent transfer will directly impact BitMine's stated goals remains to be seen, but the firm's continued dominance in Ethereum treasury acquisitions suggests a sustained commitment to its strategic vision.

Source: [1] BitGo Sends 23,823 ETH ($103.96M) to New Wallet - Onchain ... (https://en.coinotag.com/breakingnews/bitgo-sends-23823-eth-103-96m-to-new-wallet-onchain-lens-suggests-it-may-be-bitmine/)