BitMine's “5% Alchemy”: A Corporate Giant’s Ambition to Shape the Future of Ethereum

BitMine Immersion Technologies, a well-known crypto treasury firm specializing in

and , has revealed that its (ETH) assets now make up over 2% of the complete ETH supply, totaling 2.416 million with an estimated value of $10.1 billion Cointelegraph: BitMine holds over 2% of ETH supply, announces $365M offering [ 1 ]. This achievement makes BitMine the world’s biggest corporate holder of ETH, overtaking companies such as SharpLink Gaming, which possesses 838,150 ETH The Block: Tom Lee-bitmine-surpasses-2-per-cent-ethereum-supply [ 2 ]. The organization’s total asset base—including stocks, cash, and cryptocurrencies—has risen to $11.4 billion, ranking it among the leading crypto treasury businesses, just behind Michael Saylor’s Inc., which owns 639,835 Bitcoin (BTC) valued at more than $74 billion PR Newswire: BitMine Immersion (BMNR) Announces ETH Holdings Exceed 2 [ 3 ].

To further boost its ETH portfolio, BitMine has launched a $365 million capital raise using a registered direct share offering. The company issued 5.22 million shares at $70 per share—a 14% markup compared to the September 19 closing price of $61.29—along with 10.4 million warrants that can be exercised at $87.50 each. If all warrants are utilized, they could add $913 million, bringing the total possible funds to $1.28 billion Coindesk: Tom Lee's BitMine (BMNR) Raises $365M at $70 a Share to [ 4 ]. Chairman Thomas Lee said the premium price signals faith from institutional investors, and all proceeds are intended for further ETH acquisitions. “The intersection of traditional finance moving onto blockchain and the emergence of token economies through AI/agents is setting off an Ethereum supercycle,” Lee commented PR Newswire: BitMine Immersion Technologies, Inc. [ 5 ].

This fundraising comes after a $200 million ETH acquisition in early September, which saw BitMine add 46,255 ETH to its portfolio, raising its share to 1.5% of the total supply by mid-September Cointelegraph: BitMine holds over 2% of ETH supply, announces $365M offering [ 6 ]. Institutional backers such as Cathie Wood’s ARK Invest also participated, picking up 101,950 shares during September. BitMine’s ambitious “Alchemy of 5%” plan targets 5% of the total ETH supply—or about 6.04 million ETH—by leveraging its fundraising strength and robust trading activity The Block: Tom Lee-bitmine-surpasses-2-per-cent-ethereum-supply [ 7 ].

The company’s growth strategy is consistent with broader market movements, as more public companies allocate resources to digital asset initiatives. Recent figures show that hundreds of millions are being raised for blockchain projects, highlighting the rising institutional appetite for cryptocurrencies PR Newswire: BitMine Immersion (BMNR) Announces ETH Holdings Exceed 2 [ 8 ]. BitMine’s shares have also become increasingly active, averaging $3.5 billion in daily trading volume and ranking 24th among the most traded U.S. stocks PR Newswire: BitMine Immersion (BMNR) Announces ETH Holdings Exceed 2 [ 9 ].

Experts suggest that BitMine’s assertive accumulation approach may boost its sway within the Ethereum network. By amassing a considerable share of ETH, the company stands to gain from possible price surges driven by greater blockchain usage and AI advancements. Nonetheless, the ultimate success of its $1.28 billion fundraising depends on ongoing institutional interest and positive regulatory steps, such as those from the SEC’s Project Crypto PR Newswire: BitMine Immersion (BMNR) Announces ETH Holdings Exceed 2 [ 10 ].