Key takeaways
Why is this announcement significant?
The update solidifies BitMine’s position as the world’s largest Ethereum holder and second-largest global crypto treasury, behind Strategy Inc. (formerly MicroStrategy).
What is BitMine’s “5% Alchemy” strategy?
BitMine’s goal is to accumulate 5% of Ethereum’s total supply, positioning the company as the institutional face of ETH investing.
BitMine Immersion Technologies has once again made headlines, this time for its impressive $13.7 billion portfolio.
The Bitcoin (BTC) and Ethereum (ETH) network company, well known for its long-term accumulation strategy, recently disclosed its latest holdings as of November 2.
He currently holds over 3.39 million ETH, each valued at $3,903. Additionally, the company owns 192 BTC, a $62 million stake in Eightco Holdings, and maintains $389 million in cash reserves.
These figures highlight the company’s continued commitment to the strategic accumulation of crypto and traditional assets.
BitMine adds 82,353 ETH tokens
With these numbers, BitMine now stands as the largest holder of Ethereum in the world and the second largest crypto treasure overall, behind Strategy Inc. (formerly MicroStrategy).
Making the same point, BitMine Chairman and Fundstrat Founder Tom Lee noted:
“We increased our cash holdings to $389 million (from $305 million) and acquired 82,353 ETH tokens over the past week, bringing our ETH holdings to 3.4 million, or 2.8% of the ETH supply. We are now more than halfway through our initial quest for the “5% alchemy” of ETH.”
For those unaware, BitMine’s meteoric rise in 2025 was primarily driven by its bold “5% Alchemy” strategy, a plan unveiled in March that signaled the company’s intention to become the institutional face of Ethereum accumulation.
Since then, the company has gone on an aggressive buying spree, recently acquiring 27,316 ETH worth $113 million from BitGo and adding over 662,000 ETH in October alone.
Source: BitMine/X
This rapid accumulation aligns with BitMine’s vision to position itself as the Ethereum equivalent of MicroStrategy, providing traditional market investors exposure to ETH through its publicly traded shares.
Why is Tom Lee betting on Ethereum?
According to Lee, Ethereum fundamentals are entering a new phase of growth.
Lee added,
“Stablecoin supply on ETH has increased by over 15% in the last eight weeks and app revenue is at record levels.”
Lee noted that while cryptocurrency prices generally outperform fundamentals, Ethereum’s on-chain strength is now in the lead, hinting at possible price convergence soon.
He even added that the 45% drop in ETH open interest after the October 10 selloff was a “healthy reset” that could trigger a stronger rebound.
Lee said:
“The fourth quarter is seasonally strong for both cryptocurrencies and stocks.”
BMNR Action and ETH Price Action
However, despite its strong fundamentals and growing dominance, BitMine (BMNR) stock has faced short-term pressure, falling 8.10% to $42.86 at press time, according to Google Finance.
Yet the overall picture remains striking, with the stock posting a gain of nearly 500% since the start of the year.
Meanwhile, ETH mirrored the volatility of the broader market, trading at $3,504.96, down 5.51% over the past 24 hours, according to CoinMarketCap.
What awaits us?
Nonetheless, analysts remain optimistic as Ethereum’s momentum builds, driven by whale accumulation, $379.9 million in ETF inflows this week and anticipation of the Fusaka upgrade on December 3.
Now available on the Hoodi testnet, the upgrade aims to reduce gas fees, increase scalability, and improve stacking efficiency, further cementing Ethereum’s status as the “blockchain of Wall Street.”
For BitMine, such a move would not only amplify the value of its $13.7 billion in crypto assets, but also reaffirm its vision of building a next-generation digital asset treasury.
