Ethereum News Today: BitMine Pursues 'Alchemy of 5%' as Ethereum Treasury Surpasses $11.2B

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has solidified its position as the largest Ethereum treasury in the world, announcing that its ETH holdings now total 3.63 million tokens, representing 3.0% of the Ethereum supply. The company's total crypto and cash holdings have surged to $11.2 billion, driven by recent purchases and a strategic focus on Ethereum accumulation. This marks a significant milestone for BitMine, which is two-thirds of the way toward its goal of acquiring 5% of the ETH supply - a target it dubs the "Alchemy of 5%."

The latest acquisition of 69,822 ETH tokens in the past week alone underscores BitMine's aggressive accumulation strategy. The company's Ethereum holdings are valued at $2,840 per token based on Coinbase pricing, with additional assets including 192 Bitcoin (BTC) and $800 million in unencumbered cash. BitMine's total assets now rival those of its peers, placing it as the second-largest global crypto treasury behind MicroStrategy (MSTR), which holds $57 billion in Bitcoin.

BitMine's institutional backing further reinforces its market position. The company is supported by high-profile investors such as ARK's Cathie Wood, Pantera, Kraken, and Galaxy Digital, as well as co-founder Thomas "Tom" Lee of Fundstrat. Lee emphasized that BitMine's strategy leverages both its Ethereum mining operations and capital-raising efforts to build a diversified crypto portfolio. The firm's shares, meanwhile, have surged in liquidity, ranking as the 50th most traded stock in the U.S. with a 5-day average daily trading volume of $1.6 billion.

Despite its growth, BitMine faces challenges from the broader crypto market. Ethereum prices have declined nearly 40% from their August peak, resulting in $4 billion in unrealized losses for the company. The firm's leadership, however, remains optimistic, citing Ethereum's historical resilience and the potential for a "supercycle" recovery. BitMine also plans to deploy the Made in America Validator Network in early 2026, a staking infrastructure initiative aimed at enhancing security and efficiency.

The company's expansion has not gone unnoticed. Analysts like Bitwise's Matt Hougan highlight the risks and rewards inherent in digital asset treasury (DAT) firms, noting that most trade at a discount to their net asset value (NAV) due to illiquidity and operational costs. BitMine, however, distinguishes itself through its rapid accumulation of crypto-per-share and strong institutional support, positioning it as a potential outlier in the DAT space.

With its annual shareholder meeting scheduled for January 15, 2026, at the Wynn Las Vegas, BitMine aims to further solidify its role in the crypto ecosystem. As regulatory frameworks evolve - marked by initiatives like the GENIUS Act and SEC's Project Crypto - the company's strategy could influence the broader industry's trajectory.