On November 3, 2025, BitMine Immersion Technologies (BMNR), led by Fundstrat’s Thomas Lee, solidified its position as a dominant force in the crypto treasury space by acquiring an additional 82,353 Ether (ETH). This strategic purchase, valued at approximately $300 million, is a key part of the company’s ambitious long-term goal to acquire 5% of Ethereum’s total supply, a vision it calls the “Alchemy of 5%”.
A Deepening Treasury Strategy
This latest acquisition brings BitMine’s total Ether holdings to 3.4 million tokens, representing 2.8% of the entire ETH supply and valued at around $13.3 billion. The company’s total portfolio, which includes crypto, cash, and equity investments, now stands at $13.7 billion. This portfolio is notably bolstered by $389 million in unencumbered cash and includes other assets like 192 Bitcoin and a $62 million stake in Eightco Holdings. With these holdings, BitMine has established itself as the world’s largest corporate treasury of Ethereum and the second-largest global crypto treasury, ranking only behind Strategy (MSTR) and its massive Bitcoin reserves.
The Rationale Behind the Accumulation
BitMine’s aggressive strategy is rooted in a strong belief in Ethereum’s fundamental value. Tom Lee has pointed to strengthening on-chain metrics, including a more than 15% growth in stablecoin supply on the Ethereum network and application revenues hitting all-time highs, as key indicators of health. The company views recent market volatility, including a significant deleveraging event in October that saw open interest for ETH drop by 45%, as a healthy reset that creates a compelling opportunity for accumulation. This perspective allows BitMine to frame its purchases as strategic moves during market dislocations, positioning for an anticipated convergence where the price of ETH catches up to its improving fundamentals.
Market Position and Institutional Backing
BitMine’s approach has not gone unnoticed by investors. The company enjoys support from a premier group of institutional backers, including ARK Invest’s Cathie Wood, Founders Fund, and Pantera Capital, which lends significant credibility to its strategy. This backing is reflected in the market’s reception of BitMine’s stock (BMNR), which has become remarkably liquid. With an average daily trading volume of $1.5 billion, it ranks as the 60th most traded stock in the U.S., providing investors with a highly liquid vehicle for gaining exposure to Ethereum’s potential.
Implications for Ethereum and the Market
BitMine’s persistent and large-scale accumulation has profound implications for the Ethereum ecosystem. By consistently withdrawing substantial amounts of ETH from the circulating supply—often through over-the-counter desks to minimize market impact—the company contributes to a potential long-term supply squeeze. This strategy not only validates Ethereum’s status as a institutional-grade asset but also enhances its network security, particularly as BitMine plans to stake its holdings. However, this concentration of supply in a single corporate entity also introduces new dynamics, including questions about market liquidity and centralization, which will be key areas to watch as the company continues its pursuit of 5% ownership.
