BitMine Immersion Technologies, a prominent player in the cryptocurrency sector, has announced that it now holds more than 2% of the total supply of Ethereum (ETH) tokens, underpinning its strategy of acquiring what it calls the “Alchemy of 5%.” As a significant milestone, the company’s current crypto and cash holdings total approximately $11.4 billion. This includes 2.416 million ETH tokens valued at about $4,497 each, 192 Bitcoin (BTC), a $175 million stake in Eightco Holdings, and unencumbered cash reserves of $345 million.
This development has placed BitMine at the pinnacle of Ethereum treasuries, currently recognized as the largest ETH treasury in the world. It ranks second in global treasury holdings only behind Strategy Inc, which controls 638,460 BTC valued at roughly $74 billion.
In a statement, Thomas “Tom” Lee, Chairman of BitMine and co-founder of Fundstrat, highlighted the company’s journey toward accumulating ETH. He noted the significance of their increasing holdings: “BitMine ETH holdings now exceed 2% of supply as we move towards our ‘Alchemy of 5%.’ We approached holdings of 1% of ETH in early August when BitMine’s equity was priced at $38, and now with our share exceeding 2%, it stands over $61.”
Lee emphasized the transformational shift occurring in the financial landscape, likening contemporary changes to the major financial reforms of 1971, which altered the gold standard and modernized Wall Street. He expressed optimism about Ethereum: “We continue to believe Ethereum is one of the biggest macro trades over the next 10 to 15 years,” asserting that the integration of Wall Street and AI onto the blockchain could drastically reshape the financial system.
BitMine’s stock has also gained traction in the market, averaging $3.5 billion in daily trading volume over the past five days, making it the 24th most traded stock in the U.S. market. This level of trading activity underscores the liquidity and investor interest in BitMine, which boasts backing from influential institutional investors, including ARK’s Cathie Wood, MOZAYYX, Founders Fund, and several others.
The company continues to actively pursue strategies aimed at increasing the net asset value per share through its cryptocurrency holdings, marking it as a leader in both the rapidly evolving crypto landscape and stock trading sectors. Investors and analysts keen on keeping up with BitMine and its future initiatives can find detailed information through the company’s corporate presentations and official communications.
The broader implications of these developments for the cryptocurrency market and investment strategies, particularly in Ethereum, remain to be seen, but BitMine clearly positions itself as a key player in this shifting environment.
