BitMine’s 2% ETH Stake: Alchemy of 5% Drives Ethereum’s Macroeconomic Revolution
Aime Summary
BitMine Immersion Technologies (BMNR) has announced that its EthereumETH-- (ETH) holdings now exceed 2.416 million tokens, representing more than 2% of the total ETHETH-- supply. The company, which operates as a BitcoinBTC-- and Ethereum network company focused on long-term crypto accumulation, disclosed total crypto and cash holdings of $11.4 billion as of September 21, 2025. This includes 2.416 million ETH valued at $4,497 per token, 192 Bitcoin (BTC), and $345 million in unencumbered cash[1]. BitMineBMNR-- has positioned itself as the largest ETH treasury globally and the second-largest crypto treasury overall, trailing only MicroStrategy’s (MSTR) $74 billion BTC holdings[1].
The company’s strategic acquisition of ETH aligns with its “Alchemy of 5%” initiative, aiming to accumulate 5% of the Ethereum supply. Thomas “Tom” Lee, BitMine’s chairman and Fundstrat Global Advisors managing partner, emphasized that large ETH holders benefit from Ethereum’s potential supercycle driven by Wall Street’s blockchain integration and AI-driven token economies[1]. Lee noted that BitMine’s share price has risen from $38 in early August to over $61 as of September 22, reflecting investor confidence in the company’s treasury strategy[1].
Institutional backing remains a cornerstone of BitMine’s growth, with support from entities such as ARK’s Cathie Wood, Founders Fund, Kraken, and Galaxy Digital[1]. The company’s stock has also gained liquidity, trading an average of $3.5 billion daily (5-day average), ranking it as the 24th most traded stock in the U.S. as of September 21[1]. BitMine’s corporate presentation, available on its investor relations page, outlines its treasury strategy and “Moonshots” investments, including a $20 million stake in Eightco Holdings (ORBS) and a $270 million private placement in the same firm[2].
The company’s ETH holdings have grown steadily, surpassing 2 million tokens in late August[2] and reaching 1.86 million ETH (1.5% of supply) in mid-September[3]. This progression underscores BitMine’s aggressive acquisition pace, with Lee attributing the strategy to Ethereum’s long-term macroeconomic potential[1]. The company’s treasury strategy is further bolstered by low debt and unencumbered holdings, with all ETH purchased in cash transactions[3].
Analysts highlight regulatory developments as catalysts for Ethereum’s growth, including the GENIUS Act and SEC’s Project Crypto, which are compared to the 1971 U.S. dollar decoupling from gold in their transformative impact on financial systems[1]. BitMine’s focus on Ethereum aligns with broader trends, as ether treasuries have surged to $13 billion in value, with institutional adoption accelerating[3].
BitMine’s expansion into “Moonshot” investments, such as its strategic stake in Eightco, reflects a broader commitment to strengthening Ethereum’s ecosystem. The company allocates approximately 1% of its balance sheet to projects like WorldcoinWLD-- (WLD), an ERC-20 token leveraging zero-knowledge proofs for human verification[2]. Lee argued that such initiatives enhance Ethereum’s utility in an AI-driven world, where trust and safety mechanisms are critical[2].
The company’s forward-looking statements, including its ETH acquisition goals and Ethereum’s long-term value, are subject to risks such as market volatility, regulatory changes, and operational challenges[1]. Despite these uncertainties, BitMine’s rapid treasury growth and liquidity metrics position it as a key player in the evolving crypto landscape.
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