Ethereum News Today: BitMine's 'Alchemy of 5%' Strategy Crowns It Ethereum's Top Corporate Holder

BitMine Immersion Technologies (BMNR) has added 23,823 Ethereum (ETH) tokens to its treasury, valued at approximately $103.68 million, according to blockchain analytics firm Lookonchain. The acquisition, tracked via a BitGo wallet, brings the company's total ETH holdings to over 2.83 million tokens, valued at $12.4 billion as of October 10, 2025. This move solidifies BitMine's position as the largest corporate holder of Ethereum, surpassing competitors such as SharpLink Gaming, which holds 838,700 ETH.

The purchase aligns with BitMine's strategic goal of acquiring 5% of Ethereum's total supply, a target dubbed the "alchemy of 5%" by Chairman Tom Lee. Currently, the firm's holdings represent over 2% of the circulating ETH supply, up from 2.069 million ETH in September 2025. Lee emphasized in a press release that Ethereum's role in the convergence of artificial intelligence (AI) and blockchain technology positions it as a "supercycle" asset, with large holders benefiting from compounding value over time.

BitMine's treasury strategy has been bolstered by institutional support, including investments from ARK's Cathie Wood, Founders Fund, and Galaxy Digital. The company's total crypto and cash reserves now exceed $13.4 billion, encompassing 2.83 million ETH, 192 Bitcoin (BTC), and a $113 million stake in Eightco Holdings (ORBS). This diversification contrasts with Bitcoin-focused peers like Strategy Inc. (MSTR), which holds 640,031 BTC valued at $79 billion.

Market dynamics highlight the significance of BitMine's accumulation. Ethereum's price dipped 2% in the 24 hours following the purchase, trading at $4,353 per token. Despite short-term volatility, Lee remains bullish, citing Ethereum's 100% uptime and reliability as advantages over Bitcoin. The firm's stock (BMNR) closed at $59.10, down 1.5% from the previous day, reflecting broader market jitters.

The acquisition also underscores growing institutional adoption of Ethereum. Treasury companies and ETFs collectively hold over 11.8 million ETH, or nearly 10% of the total supply. This trend is amplified by regulatory clarity, such as the Genius Act, which has reinforced Ethereum's utility-token status and encouraged corporate staking. BitMine's strategy includes staking ETH to generate yield, a practice adopted by 69 corporations staking over 4.1 million ETH as of Q3 2025.

Critically, the move introduces systemic risks tied to leverage and protocol interdependencies. Ethereum's Leverage Ratio (ELR) reached 0.53 in August 2025, with $4.7 billion in liquidations triggered by a 15% price correction. While BitMine's conservative approach mitigates some risks, EigenLayer's restaking protocols-allowing staked ETH to support multiple services-could amplify volatility if a single node fails.

BitMine's stock liquidity further reflects institutional confidence. The firm ranks as the 28th most traded stock in the U.S., with an average daily trading volume of $2.5 billion as of October 3, 2025. This liquidity contrasts with peers and positions BMNR as a key player in crypto treasury strategies. Lee reiterated the company's focus on Ethereum, stating, "Wall Street and AI moving onto the blockchain should lead to a greater transformation of today's financial system. And the majority of this is taking place on Ethereum."

The press release also highlights BitMine's operational scale, with Bitcoin mining operations in Trinidad, Pecos, and Silverton, Texas. The company's dual focus on Bitcoin and Ethereum mining, combined with its treasury strategy, distinguishes it from pure-play Bitcoin firms. However, its concentrated exposure to Ethereum-valued at $12.4 billion-means it remains vulnerable to price swings and regulatory shifts.

Source: [1] Coindesk (https://www.coindesk.com/business/2025/10/06/bitmine-immersion-added-usd821m-in-ether-bringing-cash-and-crypto-holdings-to-usd13-4b) [2] PR Newswire (https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-announces-eth-holdings-exceeding-2-83-million-tokens-and-total-crypto-and-cash-holdings-of-13-4-billion-302575490.html) [3] Cryptotimes (https://www.cryptotimes.io/2025/10/10/bitmine-adds-23823-eth-worth-104-million-to-its-treasury/) [4] PR Newswire (https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-eth-holdings-exceed-2-069-million-reigning-as-the-1-eth-treasury-in-the-world-2nd-largest-crypto-treasury-globally-302548699.html) [6] OKX (https://www.okx.com/learn/eth-price-bitmine-ethereum-strategy) [8] The Currency Analytics (https://thecurrencyanalytics.com/altcoins/ethereum-treasuries-and-leverage-risks-navigating-defi-volatility-200213)