BitMine Holds 2% of ETH Supply, Targets 5% in $11.4B Treasury

BitMine’s formidable treasury position, announced on September 22, 2025, reveals a highly concentrated bet on Ethereum. The company holds 2,416,054 ETH tokens, valued at $4,497 each according to Bloomberg, representing a staggering $10.86 billion allocation. This massive holding now constitutes more than 2% of the entire Ethereum supply, a milestone that Chairman Thomas “Tom” Lee directly linked to the company’s rising share price, which has climbed from a 20-day moving average of $38 in early August to over $61 as the 2% threshold was crossed.

Beyond its core ETH position, BitMine’s $11.4 billion portfolio includes 192 Bitcoin (BTC), a $175 million stake in Eightco Holdings (NASDAQ: ORBS) categorized as “moonshots,” and $345 million in unencumbered cash. This composition solidifies BitMine’s rank as the #1 Ethereum treasury globally and the #2 overall crypto treasury, trailing only Strategy Inc (MSTR), which holds 638,460 BTC valued at $74 billion. The strategic focus is clear: Ethereum dominance, with Lee stating the company is “leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”

BitMine’s ambitious accumulation strategy is supported by a premier roster of institutional investors, providing both capital and credibility. The list includes ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Thomas Lee himself. This level of backing is rare in the crypto space and signals strong conviction in BitMine’s thesis. The market has responded with remarkable liquidity; BitMine’s stock (NYSE AMERICAN: BMNR) trades an average of $3.5 billion per day, making it the 24th most traded stock in the US, nestled between Opendoor Technologies and pharmaceutical giant Eli Lilly among 5,704 US-listed stocks.

This trading volume underscores the significant market interest in BitMine’s unique proposition as a publicly-traded vehicle for concentrated crypto exposure. The high liquidity facilitates large institutional entry and exit, a critical factor for the continued support from its investor base. The company’s recent corporate presentation and Chairman’s message have become essential reading for investors trying to understand the scale of its ‘Alchemy of 5%’ ambition.

At the heart of BitMine’s strategy is the ‘Alchemy of 5%’—the goal of acquiring 5% of the total Ethereum supply. Chairman Thomas Lee frames this not merely as an investment but as a strategic positioning for a fundamental shift in global finance. He draws a direct parallel between current regulatory developments and a historical watershed moment, stating, “The GENIUS Act and SEC’s Project Crypto are as transformational to financial services in 2025 as US action on August 15, 1971 ending Bretton Woods and the USD on the gold standard 54 years ago.”

Lee argues that the 1971 event catalyzed the modernization of Wall Street, creating the financial titans and payment rails of today, which ultimately proved to be better investments than gold. He sees a similar, if not larger, transformation underway. “The convergence of both Wall Street moving onto the blockchain and AI/ agentic-AI creating a token economy is creating a supercycle for Ethereum,” Lee explained. “And the power law benefits large holders of ETH, hence, we pursue the ‘alchemy of 5%’ of ETH.”

This macro view positions Ethereum as the foundational platform for the next era of finance. Lee confidently asserts, “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years… Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.” For BitMine and its investors, the ‘Alchemy of 5%’ is a bet that accumulating a critical mass of ETH today will yield outsized returns as this predicted supercycle unfolds.