Ethereum News Today: BitMine's "Alchemy of 5%" Transforms Ethereum into a $6.6 Billion Trojan Horse

BitMine Immersion Technologies has solidified its position as the largest corporate holder of Ethereum (ETH), with a total of 1.52 million ETH tokens in its treasury, valued at approximately $6.6 billion as of August 17, 2025 [1]. The company added 373,110 ETH over the past week, reflecting a significant $1.7 billion increase in its Ethereum holdings [2]. BitMine’s ETH accumulation strategy, known as the “alchemy of 5%,” aims to acquire up to 5% of the circulating Ethereum supply, a target that has drawn interest from institutional investors [3].

The company, led by Fundstrat founder and former Bitcoin maximalist Tom Lee, has been actively expanding its Ethereum treasury since late June. In August, BitMine announced plans to raise an additional $24.5 billion through an at-the-market stock sale to fund further ETH acquisitions [1]. This aggressive strategy positions BitMine not only as the leading Ethereum treasury but also as the second-largest digital asset treasury globally, behind Michael Saylor’s Strategy Inc, which holds a $72 billion Bitcoin treasury [2].

Other major Ethereum treasury players include SharpLink Gaming and The Ether Machine. SharpLink Gaming, led by Ethereum co-founder Joe Lubin, is the second-largest Ethereum treasury holder, with 729,000 ETH valued at roughly $3.2 billion [3]. The Ether Machine, meanwhile, holds 345,000 ETH, worth approximately $1.5 billion [1]. These entities are part of a growing trend among publicly traded firms to allocate capital toward Ethereum as part of broader crypto treasury strategies, driven by favorable U.S. regulatory developments and the increasing institutional adoption of stablecoins and blockchain-based financial infrastructure [3].

Ethereum’s rising prominence is further reflected in the performance of Ethereum-related ETFs. According to Bloomberg ETP analyst Eric Balchunas, Ethereum ETFs saw around $17 billion in trading volume in the previous week, signaling strong institutional and retail investor interest [1]. This momentum has prompted some financial institutions to revise their price forecasts for ETH. Multinational bank Standard Chartered has raised its 2025 price target for Ethereum from $4,000 to $7,500, citing increased institutional buying and regulatory clarity in the U.S. as key drivers [1].

The Pectra upgrade, a major Ethereum network improvement rolled out on May 7, 2025, has also contributed to Ethereum’s price trajectory. The upgrade, designed to enhance user experience, introduce new validator upgrades for staking, and increase data throughput for layer-2 transactions, has led to a 139% increase in the ETH spot price since its implementation [1]. These developments have reinforced the view among analysts and institutional players that Ethereum is positioned to play a central role in the next phase of blockchain-based financial infrastructure, with AI and DeFi innovations increasingly building on the Ethereum network [2].

BitMine’s stock performance, however, has shown some volatility in response to its ETH accumulation strategy. Despite a 7% decline in share price following the latest Ethereum purchase announcement, the stock remains up over 660% since January 2025 [2]. The company’s leadership attributes this interest to the macroeconomic potential of Ethereum as a foundational asset in the evolution of digital finance [1].

Source:

[1] BitMine ETH holdings reach $6.6B as share price tumbles (https://cointelegraph.com/news/bitmine-eth-holdings-reach-6-6b-share-price-tumbles)

[2] BitMine grows corporate Ethereum holdings to $6.6 billion (https://www.theblock.co/post/367244/bitmine-grows-corporate-ethereum-holdings-to-6-6-billion-claims-to-be-second-largest-dat-after-strategy)

[3] The 7 Largest Publicly Traded Ethereum Treasury Firms (https://finance.yahoo.com/news/7-largest-publicly-traded-ethereum-170103481.html)