BitMine Acquires 2.5% of ETH Supply, Aims for 5% Target

BitMine’s aggressive accumulation strategy has propelled the company to unprecedented levels of Ethereum ownership. With 3,032,188 ETH tokens valued at $12.6 billion based on Bloomberg’s $4,154 per ETH price, BitMine now controls 2.5% of the entire Ethereum supply. The company capitalized on recent market declines, acquiring 202,037 ETH tokens in just a few days to push past the 3 million ETH threshold. According to Chairman Thomas ‘Tom’ Lee of Fundstrat, this positions BitMine ‘more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH,’ representing one of the most ambitious corporate cryptocurrency accumulation strategies in the digital asset space.

The company’s total holdings, including crypto assets, cash, and strategic investments, now stand at $13.4 billion. This portfolio includes 192 Bitcoin (BTC), a $135 million stake in Eightco Holdings (NASDAQ: ORBS) categorized as ‘moonshots,’ and $104 million in unencumbered cash. This diversified approach positions BitMine as the world’s #1 Ethereum treasury and the #2 global crypto treasury overall, trailing only Strategy Inc (MSTR), which holds 640,031 BTC valued at $73 billion.

BitMine’s strategy has attracted a premier group of institutional investors, including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Thomas ‘Tom’ Lee. This institutional support has been crucial in facilitating the company’s aggressive accumulation strategy and maintaining market confidence during periods of volatility. The company’s ability to raise crypto NAV per share velocity while maintaining high trading liquidity distinguishes it from crypto treasury peers.

Market data reveals BitMine’s extraordinary trading activity, with BMNR stock averaging $3.5 billion in daily trading volume over a five-day period ending October 10, 2025. This volume ranks BitMine as the 22nd most traded stock in the United States, placing it behind Coinbase (rank #21) and ahead of UnitedHealth (rank #23) among 5,704 US-listed stocks. According to Lee, ‘The combined trading volume share of BitMine and MSTR is now 88% of all global DAT trading volume,’ highlighting the concentrated institutional interest in crypto treasury stocks.

In his October Chairman’s Message, Thomas Lee articulated BitMine’s framework for what he describes as an ‘Ethereum Supercycle’ driven by artificial intelligence adoption and Wall Street’s migration to blockchain technology. Lee compares current regulatory developments, specifically the GENIUS Act and SEC’s Project Crypto, to the transformational impact of the US ending the Bretton Woods system in 1971. He notes that ‘Volatility creates deleveraging and this can cause assets to trade at substantial discounts to fundamentals, or as we say, ‘substantial discount to the future’ and this creates advantages for investors, at the expense of traders.’

The company’s published presentation from Lee’s Token2049 keynote in Singapore elaborates on this supercycle thesis, positioning Ethereum as a foundational technology for the convergence of AI and financial services. BitMine’s aggressive accumulation strategy reflects this long-term conviction, with the company viewing recent market volatility not as a risk but as an opportunity to acquire Ethereum at discounted prices. This perspective aligns with the company’s stated focus on ‘the accumulation of Crypto for long term investment’ rather than short-term trading strategies.