Key Takeaways
Why is this announcement significant?
The update cements BitMine’s position as the world’s largest Ethereum holder and the second-largest global crypto treasury, behind Strategy Inc. (formerly MicroStrategy).
What is BitMine’s “Alchemy of 5%” strategy?
It’s BitMine’s goal to accumulate 5% of Ethereum’s total supply, positioning the company as the institutional face of ETH investment.
BitMine Immersion Technologies has made headlines once again, this time for its staggering $13.7 billion portfolio.
The Bitcoin [BTC] and Ethereum [ETH] Network Company, well known for its long-term accumulation strategy, recently disclosed its latest holdings as of November 2nd.
It currently holds over 3.39 million ETH, each valued at $3,903. In addition, the company owns 192 BTC, a $62 million stake in Eightco Holdings, and maintains $389 million in cash reserves.
These figures highlight the company’s continued commitment to strategic accumulation across both crypto and traditional assets.
BitMine adds 82,353 ETH tokens
With these figures, BitMine now stands as the world’s largest Ethereum holder and the second-largest overall crypto treasury, trailing only behind Strategy Inc. (formerly MicroStrategy).
Remarking on the same, Chairman of BitMine and founder of Fundstrat, Tom Lee, noted,
“We increased our cash holdings to $389 million (from $305 million) and acquired 82,353 ETH tokens over the past week pushing our ETH holdings to 3.4 million, or 2.8% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.”
For those unaware, BitMine’s meteoric rise in 2025 has been mainly driven by its bold “Alchemy of 5%” strategy, a plan unveiled in March that signaled the company’s intent to become the institutional face of Ethereum accumulation.
Since then, the firm has been on an aggressive buying spree, recently acquiring 27,316 ETH worth $113 million from BitGo and adding over 662,000 ETH in October alone.
Source: BitMine/X
This rapid accumulation aligns with BitMine’s vision of positioning itself as the Ethereum equivalent of MicroStrategy, offering traditional market investors exposure to ETH through its publicly traded shares.
Why Tom Lee bets on Ethereum?
According to Lee, Ethereum’s fundamentals are entering a new growth phase.
Lee added,
“Stablecoin supply on ETH has surged more than 15% in the past eight weeks, and application revenues are at record highs.”
Lee noted that while crypto prices usually move ahead of fundamentals, Ethereum’s on-chain strength is now leading, hinting at a possible price convergence soon.
He even added that the 45% drop in ETH Open Interest after the 10th October liquidation was a “healthy reset” likely setting up a stronger rebound.
Lee said,
“The fourth quarter is seasonally strong for both crypto and equities.”
BMNR stock and ETH’s price action
However, despite its strong fundamentals and growing dominance, BitMine’s stock (BMNR) faced short-term pressure, slipping 8.10% to $42.86 at press time, according to Google Finance.
Yet, the broader picture remains striking, as the stock boasts a year-to-date gain of nearly 500%.
Meanwhile, ETH mirrored the broader market’s volatility, trading at $3,504.96, down 5.51% in the past 24 hours, per CoinMarketCap.
What’s ahead?
Still, analysts stay bullish as Ethereum’s momentum builds, driven by whale accumulation, $379.9 million in ETF inflows this week, and anticipation for the Fusaka upgrade on the 3rd of December.
Now live on the Hoodi testnet, the upgrade aims to cut gas fees, boost scalability, and enhance roll-up efficiency, reinforcing Ethereum’s status as the “blockchain of Wall Street.”
For BitMine, such a move would not only amplify the value of its $13.7 billion crypto holdings but also reaffirm its vision of building a next-generation digital asset treasury.
