Ethereum News Today: BitMine's 5% Alchemy: Turning Ethereum Into Institutional Gold

BitMine Immersion Technologies (BMNR) has solidified its position as the largest Ethereum treasury globally, with its crypto and cash holdings surpassing $8.8 billion as of August 24, 2025. The company holds 1.71 million ETH tokens, representing nearly 1.5% of the total Ethereum supply, and maintains $562 million in unencumbered cash for further acquisitions. This substantial increase follows a $2.2 billion rise in holdings from the previous week, demonstrating a rapid expansion in both capital acquisition and treasury scale. BitMine’s Ethereum net asset value (NAV) per share has climbed to $39.84, up 75% from $22.84 on July 27 [1].

BitMine’s aggressive accumulation strategy has been supported by high institutional demand and robust trading liquidity for its shares. The stock recorded an average daily trading volume of $2.8 billion, ranking it 20th in the U.S. in terms of liquidity, just behind Coinbase and ahead of JPMorgan and Palo Alto Networks [1]. This level of liquidity has enabled the firm to raise capital quickly, with Chairman Tom Lee of Fundstrat noting that BitMine has achieved this pace of fundraising for the second consecutive week. Lee has described the company’s approach as part of the “alchemy of 5%,” a reference to the goal of acquiring 5% of Ethereum’s total supply [1].

Ethereum prices reached an all-time high of nearly $5,000 at the weekend of August 24, 2025, marking the second time in three days the asset hit a record level [2]. BitMine’s holdings, valued at $4,808 per ETH according to Bloomberg, reflect the asset’s recent surge. Despite this, Ethereum dipped to $4,615 by early Monday, a 4.3% decline over the previous 24 hours [2]. BitMine’s NAV remains near 1.0, a metric that indicates the company is currently trading at a market-to-net-asset-value that aligns with its underlying holdings. This ratio is used by treasury firms to determine whether to issue shares or repurchase them based on market conditions [2].

BitMine is part of a growing trend of publicly traded companies building Ethereum treasuries, a strategy that mirrors the Bitcoin treasury model pioneered by companies like Strategy Inc (MSTR). BitMine ranks as the second-largest crypto treasury globally, trailing only Strategy Inc, which holds 629,376 BTC valued at $71 billion [1]. The firm’s focus on Ethereum positions it at the forefront of a broader shift in institutional investment toward the second-largest cryptocurrency by market capitalization. Chairman Tom Lee has emphasized Ethereum’s role in the future of finance, stating that the integration of Wall Street and artificial intelligence into blockchain infrastructure is likely to be a major transformation, with most of this evolution occurring on the Ethereum network [1].

The firm’s strategic acquisitions have been supported by a strong institutional investor base, including ARK’s Cathie Wood, MOZAYYX, Founders Fund, and Galaxy Digital. BitMine has also recently filed to raise an additional $20 billion through stock sales, underscoring its commitment to expanding its Ethereum holdings and strengthening its market influence [3]. With Ethereum poised at a critical price level and BitMine continuing to accumulate the asset at a rapid pace, the market is closely watching whether the firm’s strategy will lead to a sustained breakout above $5,000 per ETH.

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[1] BitMine Immersion (BMNR) Reigns as the 1 ETH Treasury in the World, 2nd Largest Crypto Treasury Globally and the 20th Most Liquid US Stock, Trading $2.8 Billion per Day on Average (https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-reigns-as-the-1-eth-treasury-in-the-world-2nd-largest-crypto-treasury-globally-and-the-20th-most-liquid-us-stock-trading-2-8-billion-per-day-on-average-302537388.html)

[2] BitMine Ethereum Stash Nears $8 Billion After ETH Hits All (https://finance.yahoo.com/news/bitmine-ethereum-stash-nears-8-161713262.html)

[3] BitMine's ETH Holdings Top 1.7M Tokens, With $562M (https://www.coindesk.com/business/2025/08/25/bitmine-s-eth-holdings-top-1-7m-tokens-with-usd562m-of-buying-power-remaining)