TLDR:
BitMine disclosed 2.4M Ethereum holdings worth $10.8B, giving it more than 2% of ETH’s circulating supply.
The firm reported $345M in cash and $175M in moonshot investments, raising total crypto and cash holdings to $11.4B.
BitMine stock now trades $3.5B daily, ranking #24 in U.S. stock market activity, according to Fundstrat data.
The company targets 5% of Ethereum’s supply, calling the move part of its long-term “Alchemy of 5%” strategy.
BitMine has crossed another milestone in its long-term crypto accumulation strategy. The company confirmed it now holds more than 2% of Ethereum’s total supply, a threshold that further cements its status as the largest ETH treasury.
The disclosure also revealed $11.4 billion in combined crypto and cash holdings. Investors have responded with heavy trading activity, putting BitMine stock among the most active in the U.S.
According to its press release, BitMine’s balance sheet includes 2.416 million ETH valued at $4,497 each. It also holds 192 Bitcoin, $345 million in cash, and a $175 million equity stake in Eightco Holdings.
The company said these reserves align with its goal of reaching 5% of Ethereum’s supply, a target it calls the “Alchemy of 5%.”
BitMine’s Ethereum Bet and Cash Position
BitMine’s rapid ETH accumulation began earlier this year when it first surpassed 1% of supply.
Since then, the company has doubled its holdings, helped by $365 million in fresh funding and rising ETH prices. Executives said the move was timed with what they see as a market supercycle driven by institutional adoption and blockchain integration with AI systems.
Chairman Thomas Lee of Fundstrat said BitMine’s share price climbed from $38 in August to above $61 today as ETH holdings increased. He noted that the firm’s focus remains on building crypto net asset value per share while maintaining high liquidity in its stock.
Stock Liquidity and Market Impact
BitMine is now one of the most actively traded companies in the United States.
Fundstrat data shows the stock trades about $3.5 billion daily on average, ranking it 24th by volume, ahead of Eli Lilly. The company credited this liquidity to institutional support from ARK Invest, Pantera, Founders Fund, and other major backers.
The disclosure places BitMine as the number one Ethereum treasury globally and the second-largest overall crypto treasury, trailing only MicroStrategy’s Bitcoin holdings. Management stated that the company will continue pursuing its 5% ETH target over the next few quarters.
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