BitMine Immersion Technologies (BMNR), a blockchain company based in the United States, announced on September 28 that it purchased 234,846 Ethereum (ETH) for $936 million, pushing its total holdings above 2.65 million ETH.
This move makes BitMine the largest Ethereum treasury in the world and the second-largest crypto treasury overall, behind MicroStrategy.
According to the company’s latest release, BitMine now owns 2,650,900 ETH valued at $4,141 each. This gives the firm control of more than 2% of Ethereum’s total supply. The company said it is targeting ownership of 5% of ETH as part of its long-term project called “Alchemy of 5%.”
Alongside ETH, the company holds 192 Bitcoin, a $157 million stake in Eightco Holdings, and $436 million in cash, bringing its total crypto and cash reserves to $11.6 billion.
“Since ETH’s price is a discount to the future, this bodes well for the token and is the reason BitMine’s primary treasury asset is ETH,” said Thomas “Tom” Lee, Co-Founder of Fundstrat and Chairman of BitMine. He added, “The power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%.’”
Meanwhile, Lee also commented at the Korean Blockchain Week that Ethereum is a “truly neutral chain” and predicted it would undergo a “super cycle” lasting 10 to 15 years.
He described Ethereum as central to two powerful narratives driving markets today: artificial intelligence and crypto. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system,” Lee said.
Notably, BitMine is among the most traded stocks in the U.S., ranking 26th with an average daily volume of $2.6 billion. It remains backed by major investors including ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, Galaxy Digital, and Bill Miller III.
With this purchase, BitMine remains the largest Ethereum treasury holder and the second-largest crypto treasury worldwide, following MicroStrategy’s Bitcoin holdings.
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