BitMine's 4.97% Surge Amid 79th-Liquid Ranking as Ethereum Treasury Nears 'Alchemy of 5%'

Market Snapshot

BitMine Immersion (BMNR) surged 4.97% on November 5, 2025, despite a 30.05% decline in trading volume to $1.33 billion, which ranked the stock 79th in market liquidity for the day. The company’s shares, already among the most actively traded in the U.S., have maintained an average daily volume of $1.5 billion over the past week, securing the 60th position in national trading activity. The price rebound followed a premarket decline, signaling resilience amid broader crypto market volatility.

Key Drivers

BitMine’s strategic accumulation of Ethereum (ETH) remains a central pillar of its value proposition. As of November 2, the firm reported holding 3.4 million ETH, representing 2.8% of the total supply, and unencumbered cash reserves of $389 million. These holdings, combined with a $62 million stake in Eightco Holdings (ORBS) and 192 Bitcoin, elevate its total crypto and cash assets to $13.7 billion. This positions BitMine as the largest Ethereum treasury globally, surpassing peers like SharpLink Gaming and The Ether Machine. The firm’s progress toward acquiring 5% of ETH—described as the “Alchemy of 5%”—has drawn comparisons to Marathon Digital (MSTR), which holds $71 billion in Bitcoin.

Institutional backing has further solidified BitMine’s market presence. The company is supported by prominent investors such as ARK’s Cathie Wood, Founders Fund, and Galaxy Digital, while its stock liquidity attracts capital from crypto-focused funds. Thomas Lee, BitMine’s chairman, emphasized the firm’s ability to raise crypto net asset value (NAV) per share at a faster rate than competitors, a claim underscored by its recent purchase of 82,353 ETH tokens worth $306 million. This acquisition, which increased cash reserves from $305 million to $389 million in a week, highlights its dual strategy of accumulating crypto assets and maintaining financial flexibility.

Recent market dynamics, however, have introduced headwinds. The broader crypto sector experienced its largest single-day liquidation event on October 10, causing a 45% drop in Ethereum open interest over the following eight weeks. While Ethereum’s price fell 6.8% in the last 24 hours to $3,715, BitMine’s stock demonstrated relative stability, outperforming peers in a down market. Lee attributed this to the firm’s high liquidity profile, which has captured 88% of global DAT trading volume alongside MSTR. Analysts note that seasonal strength in Q4 and improving investor sentiment toward “open interest” could drive recovery in trading volumes and asset prices.

BitMine’s dominance in the corporate Ethereum treasury space is further reinforced by its competitive positioning. Institutional players collectively control 6.06 million ETH, or 5% of the total supply, but BitMine’s scale and velocity in acquiring assets set it apart. The firm’s treasury strategy, focused on long-term ETH accumulation, contrasts with entities like ETHZilla, which have shifted to stock buybacks amid falling prices. By maintaining an unencumbered cash buffer and expanding its ETH holdings, BitMine aims to capitalize on Ethereum’s strengthening fundamentals, including rising stablecoin supply and application activity on the network.

The interplay of strategic asset allocation and market conditions suggests a nuanced outlook. While Ethereum’s price remains under pressure, BitMine’s liquidity-driven model and institutional credibility provide a buffer against short-term volatility. As Lee noted, the firm’s progress toward 5% ETH ownership—now more than halfway—positions it to benefit from potential price convergence with fundamentals. With institutional capital continuing to flow into crypto treasuries, BitMine’s dual focus on asset accumulation and market liquidity may serve as a catalyst for sustained investor confidence.