Main Points：
- BitMine Immersion Technologies rapidly grew its ETH holdings from zero to over $4.96 billion in under six weeks, now holding 1.15 million ETH — making it the largest Ethereum treasury globally.
- The company pursues an “alchemy of 5%” strategy: acquiring up to 5% of global ETH supply, modeling institutional Bitcoin accumulation strategies.
- Exceptional liquidity: BitMine’s stock ranks among the top 25 most liquid U.S.-listed stocks, with average daily trading volume of $2.2 billion.
- Strong institutional backing: investors include ARK Invest (Cathie Wood), Founders Fund, Bill Miller III, Pantera, Galaxy Digital, Kraken, and DCG.
- Strategic pivot: from Bitcoin mining to aggressive ETH accumulation and staking for yield generation and long-term NAV growth.
- Broader trend: increased corporate ETH accumulation is contributing to recent Ethereum price momentum; this reflects a growing institutional embrace of blockchain assets.
1. Rapid Accumulation of Ethereum Treasury
BitMine launched its Ethereum treasury strategy around June 30, 2025, closing a $250 million private placement by July 8, swiftly moving from zero holdings to approximately 833,137 ETH (~$2.9 billion) by early August. In the following week, holdings surged by an additional $2 billion—from 833k to 1.15 million ETH—valued at $4.96 billion by August 10.
2. The “Alchemy of 5%” Strategy
BitMine’s Chairman Tom Lee describes the goal of acquiring 5% of Ethereum’s total supply as the “alchemy of 5%,” a bold institutional-level strategy in cryptocurrency treasury management.
3. Exceptional Market Liquidity and Institutional Backing
BitMine stock (NYSE: BMNR) now trades with an average daily volume of $2.2 billion, ranking #25 among over 5,700 U.S.-listed stocks—surpassing financial giants like JPMorgan and Micron. The company’s ETH strategy is backed by institutional investors such as ARK Invest, Founders Fund, Bill Miller III, Pantera, Galaxy Digital, Kraken, and DCG.
4. Strategic Pivot from Mining to Treasury
Originally focused on Bitcoin mining and advisory services, BitMine has dramatically reoriented toward corporate treasury accumulation, seeking to leverage Ethereum’s staking yields and long-term growth to boost crypto NAV per share.
5. Broader Institutional Trend & Impact on Ethereum
BitMine’s aggressive accumulation reflects a broader institutional shift into Ethereum. Increasing corporate ETH treasuries contribute to reduced supply and heightened scarcity — factors that enhance Ethereum’s value proposition in a post-ETF institutional context.Insertion point for visual:
Summary
BitMine’s extraordinary journey—from concept to dominating the Ethereum treasury landscape—illustrates both the accelerating adoption of crypto by public firms and the evolving financialization of blockchain assets. With its “alchemy of 5%” ambition, stellar execution speed, and institutional confidence, BitMine has established itself as a bellwether for Ethereum’s institutional renaissance. While risks such as market volatility and regulatory uncertainty remain, the company’s aggressive strategy offers a compelling model for crypto-native long-term value generation.
