BitMine Immersion Technologies has officially become the largest Ethereum-holding institution, now owning more than 2 percent of the total ETH supply, with total assets surpassing $11.4 billion.
Key Takeaways
- BitMine holds 2.416 million ETH, worth approximately $10.9 billion, surpassing 2 percent of Ethereum’s total supply.
- The company also raised $365 million through a premium stock offering to expand its ETH reserves.
- BitMine is now the most traded ETH treasury stock in the U.S., averaging $3.5 billion in daily volume.
- Backed by investors like ARK Invest, Founders Fund, and Galaxy Digital, BitMine aims for 5 percent ETH ownership under its “Alchemy of 5%” strategy.
What Happened?
BitMine Immersion Technologies, a crypto-focused firm listed on the NYSE American exchange, disclosed that it now holds over 2.416 million Ethereum tokens, making it the largest institutional holder of ETH worldwide. With Ethereum prices averaging around $4,497 at the time of reporting, BitMine’s ETH holdings are valued at $10.9 billion. Combined with Bitcoin, equities, and cash, the firm’s total assets reached $11.4 billion as of September 21.
🧵🪡
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) September 22, 2025
BitMine today made two announcements:
– $365.24 million registered direct offering at $70 per $BMNR share
– $ETH holdings >2% of Ethereum supply or 2.4 million
…keep reading 📕
Link 🔗 https://t.co/zeBxddSuhd
Link 🔗 https://t.co/mw9hL8rC2S
Ticker: $BMNR
Chairman:…
BitMine’s Rise to the Top of Ethereum Treasuries
BitMine’s strategy to build one of the most dominant crypto treasuries globally is starting to pay off. Its holdings now include:
- 2,416,054 ETH at an average purchase price of around $4,500
- 192 Bitcoin
- $345 million in unencumbered cash
- $175 million stake in Eightco Holdings (NASDAQ: ORBS)
With these numbers, BitMine is the number one Ethereum corporate treasury and second-largest overall crypto treasury, trailing only Strategy Inc., which holds 639,835 BTC worth $74 billion.
Aggressive Capital Raise to Fuel ETH Acquisition
To accelerate its march toward owning 5 percent of the ETH supply, BitMine completed a $365 million fundraising round, issuing 5.22 million shares at $70 each, a 14 percent premium over its stock’s market price. The offering also included 10.4 million warrants exercisable at $87.50, potentially bringing in $913 million if fully executed.
Chairman Thomas Lee described this capital injection as a validation of BitMine’s long-term vision.
The “Alchemy of 5%” Vision and Institutional Support
BitMine’s goal, internally dubbed the “Alchemy of 5%”, is to accumulate 5 percent of the total Ethereum supply. This strategy is based on the belief that large ETH holders will gain outsized benefits as Ethereum becomes the backbone of future finance.
The initiative has already attracted notable investors including:
- Cathie Wood’s ARK Invest
- Founders Fund
- Galaxy Digital
- Bill Miller III
- Pantera Capital
- Kraken
- DCG
- MOZAYYX
- Chairman Thomas “Tom” Lee personally
A Top Traded U.S. Stock
BitMine has also become one of the most actively traded U.S. stocks, ranking 24th in average daily volume. According to Fundstrat and Statista, it trades $3.5 billion daily (5-day average), ahead of major companies like Eli Lilly.
The firm’s rising profile is supported by bold market positioning and regulatory optimism. BitMine cited the GENIUS Act and SEC’s Project Crypto as landmark developments, comparing their impact to the 1971 U.S. dollar exit from the gold standard, which revolutionized Wall Street.
CoinLaw’s Takeaway
I think BitMine is making a statement not just in crypto but across financial markets. Holding over 2 percent of Ethereum’s supply is no small feat, and from what I’ve seen, this kind of aggressive positioning is rarely seen outside of early Bitcoin adopters.
In my experience, when a company aligns itself with long-term technological shifts and attracts heavyweight investors, it signals more than just hype. Their strategy to ride what they call the Ethereum supercycle may well be one of the boldest treasury plays since MicroStrategy’s Bitcoin pivot. I found their goal of hitting 5 percent supply incredibly ambitious, but with the momentum they’ve built, it might just be possible.
