Ethereum News Today: BitMine's $13.4B Ethereum Bet: Digital Oil Powers AI-Driven Financial Revolution

^[1] BitMine Immersion Technologies (BMNR) has expanded its Ethereum (ETH) treasury to $13.4 billion, holding 2.83 million ETH as of early October 2025, according to a recent operational update. This acquisition, including 179,251 ETH purchased for $823 million in the past week, positions BitMine as the largest corporate holder of Ethereum globally and the second-largest public crypto treasury after MicroStrategy's $74 billion Bitcoin (BTC) holdings ^[2]. The company's total assets, including Ethereum, Bitcoin, and cash, now exceed $11.6 billion, with Ethereum accounting for over 95% of its reported holdings ^[3].

^[4] BitMine's aggressive accumulation strategy, dubbed the "alchemy of 5%," aims to control 5% of Ethereum's circulating supply. Currently holding over 2.8 million ETH (greater than 2% of the total supply), the firm has allocated $635 million in cash for future purchases, signaling long-term commitment to Ethereum despite market volatility ^[5]. Chairman Thomas Lee, co-founder of Fundstrat, emphasized Ethereum's role as the "digital oil" powering decentralized finance (DeFi), stablecoins, and AI-driven smart contracts, framing the asset as a balance-sheet reserve with equity-like upside through staking yields ^[6].

^[7] The company's financial resilience is underscored by $456 million in unencumbered cash and a $113 million stake in Eightco Holdings, alongside 192 BTC (valued at $24 million). BitMine's stock, trading at $59.78 as of October 6, 2025, has surged 37% in the past month, driven by institutional demand and Ethereum's 13% weekly price rally to $4,625. The firm's average daily trading volume of $2.6 billion ranks it among the top 30 U.S. stocks by liquidity ^[8].

^[9] Analysts highlight BitMine's strategic differentiation from Bitcoin-focused treasuries. While MicroStrategy dominates in total crypto value, BitMine's Ethereum-centric approach capitalizes on Ethereum's utility in tokenized assets and AI integration. Lee noted that Ethereum's convergence with Wall Street infrastructure and AI agent economies could drive a "supercycle" spanning 10–15 years, with ETH potentially reaching $12,000 by 2025 ^[10].

^[11] Regulatory developments, including the GENIUS Act and U.S. stablecoin clarity, are cited as catalysts for Ethereum's growth. With $280 billion in stablecoins already issued on Ethereum and its L2s, the chain is positioned to benefit from exponential transaction volume, gas fees, and supply deflation via EIP-1559. BitMine's validator network and staking operations further align it with Ethereum's security and scalability goals .

Despite its bullish outlook, BitMine's reported $13.4 billion in crypto and cash holdings-over 1,100 times its $11.9 billion market capitalization-has raised questions about valuation accuracy. However, the firm's institutional backing, including investments from ARK Invest and Founders Fund, underscores confidence in its Ethereum thesis. As the crypto market continues to evolve, BitMine's aggressive accumulation strategy may solidify its role as a pivotal player in Ethereum's institutional adoption.