Ethereum News Today: BitMine's 5% Ethereum Gambit: Corporate Treasuries Reshape Crypto's Institutional Landscape

BitMine Immersion Technologies has added 14,618 Ethereum tokens worth $44.34 million to its treasury, pushing its total holdings to 3.63 million ETH, or 3% of the total supply. The purchase, disclosed on November 28, 2025, marks another step toward the firm's stated goal of acquiring 5% of Ethereum's total issuance—approximately 6 million tokens—positioning it as one of the largest corporate ETH holders globally. At current prices near $3,030, the company's Ethereum holdings are valued at roughly $10.39 billion, according to data from Arkham Intelligence.

The aggressive accumulation strategy, led by Fundstrat Global Advisors co-founder Tom Lee, has drawn attention as BitMine continues to issue shares to fund its ETH purchases. However, the company's stock (BMNR) has underperformed despite the recent 9% spike following the announcement. Over the past month, BMNR has declined 37%, mirroring the broader crypto market's 22% drop. This underperformance stems from the sharp correlation between the stock and Ethereum's price, which has fallen 25% since late October. Analysts note that each 1% decline in Ethereum's market capitalization translates to a 1.88% loss in BMNR's value, complicating the firm's ability to raise capital through equity issuance.

BitMine's stated average purchase price of $2,840 per ETH has also sparked debate. While the company claims its holdings are slightly profitable at current prices, critics argue the math does not align with the reported $44.34 million outlay for the latest batch of 14,618 tokens. The discrepancy highlights the challenges of tracking corporate Ethereum treasuries, where average costs and market values can diverge rapidly in volatile conditions.

Despite these hurdles, Lee remains bullish on Ethereum's long-term trajectory. In a November 24 update, he reiterated that BitMine is "two-thirds on the way to the 'Alchemy of 5%'" and emphasized the strategic advantages of large-scale ETH accumulation. The firm's treasury now ranks second in size only to MicroStrategy's Bitcoin holdings, with corporate Ethereum ownership reaching $24.97 billion, or 5.01% of the total supply. This trend reflects growing institutional confidence in Ethereum's role in staking, tokenized assets, and real-world asset (RWA) integration.

The market, however, has shown mixed reactions to BitMine's purchases. While the firm's treasury additions have not yet catalyzed a significant price surge for Ethereum—which remains near $3,030—Lee attributes this to weak liquidity and ETF outflows. He predicts a short-term bottom near $2,500 before a rally to $7,000–$9,000 by early 2026. Longer-term, he envisions Ethereum reaching $60,000 within 10–15 years, driven by institutional tokenization and RWA adoption.

BitMine's strategy is not without risks. The firm's recent $83 million ETH purchase, announced alongside Grayscale's DOGE ETF launch, comes as it grapples with $3.7 billion in unrealized losses on its holdings. Lee acknowledges the challenges, describing the current environment as a "buy the dip" opportunity amid "quantitative tightening" effects. The company's low operating expenses, primarily from staking rewards, position it to withstand prolonged bearish conditions, but continued equity issuance could dilute shareholder value.

Analysts remain divided on the efficacy of BitMine's approach. While some, like Fundstrat's Mark Newton, see "very good risk/reward" at current levels, others caution that Ethereum must reclaim key resistance levels—such as the 20-day EMA—to confirm a bullish reversal. The broader market's reliance on ETF inflows and macroeconomic stability further complicates the outlook, with the Federal Reserve's December rate decision looming as a critical factor.

As BitMine presses toward its 5% ownership target, the firm's actions underscore a broader shift in corporate crypto strategy. With Ethereum treasuries growing in size and influence, the interplay between institutional buying and market dynamics will likely shape the asset's next chapter.