BitMine Immersion Technologies (BMNR), a publicly traded Bitcoin mining company and Ether treasury, has significantly increased its Ethereum (ETH) holdings, now possessing 1,866,974 ETH. This substantial amount represents approximately 1.55% of the total circulating Ether supply.
As of August 31, 2025, BitMine's crypto holdings include the aforementioned ETH, 192 Bitcoin (BTC), and $635 million in unencumbered cash, culminating in a total crypto and cash value of $8.98 billion. This solidifies BitMine's position as the largest Ethereum treasury globally and the second-largest crypto treasury overall, only surpassed by Strategy Inc. (MSTR), which holds 629,376 BTC valued at $71 billion.
BitMine launched its ETH Treasury strategy on June 30, 2025. Since then, the company has experienced rapid growth in its ETH holdings. Tom Lee, Chairman of BitMine and co-founder of Fundstrat, has been a vocal proponent of Ethereum's potential, stating that 2025 and the SEC Project Crypto and GENIUS Act are creating a multi-decade opportunity for Ethereum and ETH, similar to the transformation seen on Wall Street after the USD formally went off the gold standard in 1971.
BitMine's strategy, dubbed "the Alchemy of 5%," aims to acquire 5% of the circulating Ethereum supply. To achieve this ambitious goal, BitMine has been actively raising capital. The company has a $2 billion ATM (At-The-Market) stock sale program, allowing them to gradually sell new shares at current market prices. This approach provides BitMine with the flexibility to raise funds as needed without significantly impacting the market.
The company also employs immersion cooling technology in its Bitcoin mining operations, providing a 25-30% hashrate boost and 40% lower energy costs. This efficient mining operation generates revenue that can be reinvested into ETH accumulation. Furthermore, BitMine stakes a portion of its ETH holdings, generating staking rewards typically around 4-6% annually. This dual approach of capital raises and reinvestment of mining revenue and staking rewards allows BitMine to aggressively pursue its ETH accumulation strategy.
BitMine's increasing ETH holdings and strategic approach have garnered significant attention from institutional investors. Major institutional investors supporting BitMine include ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital. This strong institutional backing further validates BitMine's strategy and underscores the growing interest in Ethereum as an institutional asset.
Analysts attribute Ethereum's recent outperformance compared to Bitcoin to BitMine's aggressive ETH accumulation strategy. The company's significant ETH holdings and continued buying activity have created upward pressure on Ethereum's price and increased institutional interest in the cryptocurrency.
BitMine's stock has demonstrated significant market activity, with a 5-day average daily trading volume of $2.3 billion, ranking it among the most liquid US-listed stocks. The stock's performance reflects investor confidence in BitMine's Ethereum strategy and its potential for future growth.
