Ethereum News Today: BitMine's 'Alchemy of 5%' Challenges Bitcoin's Treasury Crown

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has intensified its Ethereum (ETH) accumulation strategy, acquiring 202,037 ETH tokens during a recent market downturn, pushing its total holdings to over 3.03 million ETH-equivalent to 2.5% of the total ETH supply BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1]. This move positions the company more than halfway toward its ambitious goal of acquiring 5% of all ETH, a target it refers to as the "Alchemy of 5%" BitMine (BMNR) Now Controls 2.5% of All ETH—Largest Ethereum Treasury in the World^[2]. The acquisition was executed amid a broader crypto market crash triggered by U.S. President Donald Trump's announcement of 100% tariffs on Chinese imports, which led to a $19.38 billion liquidation event, the largest in crypto history .

BitMine's Ethereum holdings now value its total crypto and cash assets at $12.9 billion, including $104 million in unencumbered cash and a $135 million stake in Eightco Holdings (NASDAQ: ORBS) BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1]. The company's ETH reserves make it the largest Ethereum treasury globally, surpassing even MicroStrategy's Bitcoin (BTC) holdings. BitMine's treasury is ranked 1 in Ethereum and 2 globally in total crypto, trailing only Strategy Inc's (MSTR) $73 billion BTC portfolio BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1].

The aggressive buying spree was facilitated by volatility in the crypto market. As ETH prices fell from $4,500 to $3,500 during the crash, BitMine capitalized on discounted valuations, leveraging its liquidity and institutional backing. The company's stock, which ranks 22 in U.S. trading volume with an average daily dollar volume of $3.5 billion, has attracted support from high-profile investors including ARK's Cathie Wood, Founders Fund, and Galaxy Digital BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1]. Thomas "Tom" Lee, BitMine's chairman and Fundstrat's founder, emphasized that volatility creates "substantial discounts to the future," enabling strategic investors to benefit at traders' expense Ether Treasury News: Bitmine (BMNR) Buys ETH Dip, Holdings^[3].

BitMine's strategy aligns with broader institutional adoption of Ethereum. The company's Ethereum treasury competes with entities like SharpLink Gaming (NASDAQ: SBET), which holds 740,760 ETH as of August 2025 Altcoins Stabilize After $19B Liquidation Shock: Ethereum Leads Early Rotation^[6]. However, BitMine's scale and liquidity advantages, including an 88% share of global Digital Asset Tracker (DAT) trading volume when combined with MSTR, solidify its leadership in the sector BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1]. The company's October Chairman's Message, published alongside its Ethereum Supercycle thesis, highlights the role of AI and Wall Street's blockchain integration in driving Ethereum's long-term value BitMine (BMNR) Now Controls 2.5% of All ETH—Largest Ethereum Treasury in the World^[2].

Market analysts note that BitMine's accumulation strategy mirrors MicroStrategy's Bitcoin playbook, but with Ethereum's unique yield-generating capabilities. Unlike Bitcoin, Ethereum's staking mechanism allows BitMine to earn passive income from its holdings, enhancing returns beyond price appreciation . Lee's keynote at Token2049 in Singapore, where he outlined the Ethereum Supercycle, underscores the company's conviction in the asset's institutional adoption potential Altcoins Stabilize After $19B Liquidation Shock: Ethereum Leads Early Rotation^[4].

The recent market crash, which saw over 1.6 million traders liquidated, also highlighted Ethereum's role as a store of value. While Bitcoin dominance (BTC.D) rose to 60.45% during the turmoil, post-crash data suggests a rotation toward altcoins as Bitcoin's dominance wanes . BitMine's Ethereum treasury is seen as a proxy for this trend, with six new wallets withdrawing 128,718 ETH ($480 million) from exchanges like Kraken and FalconX in the 72 hours following the crash .

BitMine's corporate structure and public listing provide transparency, appealing to investors seeking regulated exposure to Ethereum. Its balance sheet, which includes 192 BTC and $135 million in "moonshots" like Eightco Holdings, reflects a diversified approach to crypto treasury management BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1]. The company's operations span low-cost energy regions in Trinidad, Pecos, Texas, and Silverton, Texas, further supporting its capital-raising capabilities BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1].

Critics, however, caution that BitMine's strategy is vulnerable to macroeconomic risks and regulatory shifts. The U.S. SEC's Project Crypto and the GENIUS Act are viewed as pivotal developments that could reshape the financial services landscape, akin to the 1971 end of the Bretton Woods system BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1]. While Lee remains optimistic, the company's forward-looking statements include risks related to Ethereum's price volatility, technological obsolescence, and market competition BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1].

As of October 12, 2025, Ethereum traded at $4,154 per token, with BitMine's holdings valued at $12.6 billion BitMine Immersion Announces ETH Holdings Exceeding 3.03 Million Tokens and Total Crypto and Cash Holdings of $12.9 Billion^[1]. The company's next steps include scaling its Ethereum acquisition velocity to reach 5% of the supply, a target that could further cement its role as a bellwether for institutional crypto adoption. With its aggressive buying and strategic alignment with Ethereum's ecosystem, BitMine's actions may signal a broader shift in corporate treasury management toward digital assets.