tl;dr
BitMine's Ethereum holdings now exceed 2% of the total supply, propelling its $11.4B portfolio and positioning it as the world's largest ETH treasury. The company's strategic bets on crypto, cash, and 'moonshots' have made it a Wall Street sensation, with a stock surge tied to its 'Alchemy of 5%' go...
**BitMine's Ethereum Streak: From 2% to 5% and Beyond**
In a bold move that’s sending ripples through the crypto and stock markets, BitMine has cemented its status as a titan in the digital asset arena. As of September 21, 2025, the company now holds **over 2% of the total Ethereum (ETH) supply**, a milestone that signals its ambitious push toward the "Alchemy of 5%"—a goal to own 5% of ETH. This achievement isn’t just a number; it’s a statement.
BitMine’s crypto + cash + "moonshots" portfolio now totals a staggering **$11.4 billion**, including **2.416 million ETH** (valued at $4,497 each, per Bloomberg), **192 Bitcoin (BTC)**, a $175 million stake in Eightco Holdings (a "moonshot" play), and **$345 million in unencumbered cash**. The company’s Ethereum holdings alone surpass those of any other entity, making it the **world’s largest ETH treasury**—a title that underscores its influence in the decentralized finance (DeFi) ecosystem.
But the real story here isn’t just the numbers. It’s the **strategic vision** behind them. BitMine’s CEO, Thomas "Tom" Lee of Fundstrat, likened the company’s ETH accumulation to a "supercycle" fueled by two seismic trends: the **convergence of Wall Street and blockchain** and the rise of **AI-driven token economies**. "Large holders of ETH benefit from the power law," Lee said, hinting at the compounding gains that come with holding during a bull run.
The company’s stock, listed on the NYSE American under BMNR, has become a Wall Street darling. With an average daily trading volume of **$3.5 billion** (ranking it #24 in the U.S.), BitMine now rivals giants like Eli Lilly and outpaces Opendoor Technologies. This liquidity isn’t accidental. It’s backed by a who’s-who of institutional investors, including **ARK’s Cathie Wood**, **Founders Fund**, **Pantera Capital**, and even crypto heavyweights like **Kraken** and **Galaxy Digital**.
What’s driving this frenzy? A mix of regulatory optimism and technological inevitability. Lee drew a parallel between the current crypto revolution and the 1971 decision to end the gold standard, which reshaped finance. "The GENIUS Act and SEC’s Project Crypto are as transformational as that 1971 move," he said. "They’re paving the way for a new financial era—this time, on Ethereum."
For investors, BitMine’s strategy is a masterclass in dual-play investing. By hoarding ETH and Bitcoin while dabbling in high-growth "moonshot" ventures, the company is betting on both the **long-term value of blockchain** and the **short-term volatility** that crypto markets are known for. Its $345 million cash reserve also acts as a buffer, allowing it to weather market swings while doubling down on its ETH accumulation.
But the stakes are high. Ethereum’s price is volatile, and regulatory scrutiny remains a wildcard. Still, BitMine’s track record speaks for itself. When it hit 1% of ETH in August 2025, its stock was trading at $38. Now, with 2% under its belt, the share price has surged past $61. The market seems to be betting on the "Alchemy of 5%"—a goal that could redefine Ethereum’s future.
As the crypto world watches, one thing is clear: BitMine isn’t just holding tokens. It’s building a legacy. And in a landscape where the line between tech, finance, and speculation blurs daily, the company’s gamble could either cement its place in history or serve as a cautionary tale. For now, the ETH holders are cheering—and the rest of us are just trying to keep up.