Ethereum News Today: BitMine's Ethereum Alchemy: Turning 5% Vision into $12.8 Billion Treasury

BitMine Immersion Technologies (NYSE AMERICAN: BMNR) has disclosed a surge in its Ethereum (ETH) holdings to 2.83 million tokens, valued at approximately $12.8 billion at the current price of $4,535 per ETH, according to a press release and market data. This marks a significant increase from 2.65 million ETH reported on September 29, indicating that the company spent roughly $821 million on additional ether over the preceding week. The update positions BitMine as the largest corporate ETH treasury and the second-largest global crypto treasury, trailing Strategy Inc. (MSTR), which holds 640,031 BTC valued at $79 billion.

The accumulation strategy aligns with BitMine's long-term vision to acquire 5% of ETH's total supply, a goal reiterated by the company's chairman, Thomas "Tom" Lee, in recent statements. Lee emphasized Ethereum's role in financial infrastructure and AI-driven workloads, framing the asset as a "discount to the future" due to its reliability and 100% uptime. "The power law benefits large holders of ETH, hence, we pursue the 'alchemy of 5%' of ETH," he stated, referencing the potential for compounding advantages as institutional ownership grows. The company's total crypto and cash holdings now exceed $13.4 billion, including 192 Bitcoin (BTC), a $113 million stake in Eightco Holdings (ORBS), and $456 million in unencumbered cash.

BitMine's rapid accumulation has outpaced peers, with its ETH holdings rising from 566,776 tokens in July to 2.83 million in October. The firm's strategy has been bolstered by institutional backing, including support from ARK's Cathie Wood, Founders Fund, and Galaxy Digital. The company's stock has also gained liquidity, trading an average of $2.5 billion daily (5-day average), ranking it 28th among U.S.-listed equities. This liquidity, coupled with its treasury growth, underscores BitMine's dual focus on asset accumulation and market visibility.

The move reflects broader optimism in Ethereum's macroeconomic potential, particularly with the SEC's Project Crypto and the GENIUS Act anticipated to reshape financial services in 2025. Lee compared these developments to the 1971 termination of the gold standard, which catalyzed Wall Street's modernization. He reiterated that Ethereum's integration into AI and financial systems could drive decades of transformation, with the blockchain serving as a foundational layer for innovation.

While BitMine's strategy faces risks, including market volatility and regulatory uncertainties, the firm's forward-looking statements highlight its confidence in Ethereum's long-term value. The company's recent capital raise of $365 million through the issuance of 5.2 million shares further signals its commitment to scaling the treasury. As the crypto market continues to consolidate, BitMine's position as a major ETH holder could amplify its influence in shaping Ethereum's institutional adoption and price trajectory.