BitMine’s Crypto Holdings Reach 2% of Ethereum Supply, Valued at $11.4 Billion
BitMine Immersion Technologies has achieved a significant milestone by becoming the largest Ethereum-holding institution, with more than 2 percent of the total ETH supply in its possession, totaling over $11.4 billion in assets.
BitMine recently disclosed its ownership of 2.416 million ETH, which is valued at approximately $10.9 billion, surpassing the 2 percent mark of Ethereum’s total supply. The company achieved this holding through a premium stock offering that raised $365 million to expand its ETH reserves. As a result, BitMine has become the most traded ETH treasury stock in the U.S., with an average daily volume of $3.5 billion.
With backing from prominent investors such as ARK Invest, Founders Fund, and Galaxy Digital, BitMine has set its sights on owning 5 percent of the ETH supply through its “Alchemy of 5%” strategy. This strategic vision has propelled BitMine to the forefront of Ethereum corporate treasuries.
BitMine’s impressive holdings include 2,416,054 ETH, 192 Bitcoin, $345 million in cash, and a $175 million stake in Eightco Holdings. With an average purchase price of around $4,500 per ETH, BitMine has solidified its position as the number one Ethereum corporate treasury and the second-largest crypto treasury overall.
To fuel its aggressive acquisition of ETH, BitMine conducted a capital raise of $365 million, issuing shares at $70 each with a 14 percent premium. The offering also included warrants exercisable at $87.50, potentially bringing in an additional $913 million. BitMine’s chairman, Thomas Lee, believes this capital injection validates the company’s long-term vision of capitalizing on the emergence of blockchain and AI technologies.
BitMine’s “Alchemy of 5%” vision aims to accumulate 5 percent of the total Ethereum supply, emphasizing the potential benefits for large ETH holders. This strategy has attracted support from notable investors, including Cathie Wood’s ARK Invest, Founders Fund, Galaxy Digital, and others. BitMine has also emerged as one of the most actively traded U.S. stocks, with an average daily volume of $3.5 billion, further solidifying its market presence.
The company’s strategic positioning and regulatory optimism, supported by key developments like the GENIUS Act and SEC’s Project Crypto, underscore BitMine’s commitment to innovation. Furthermore, BitMine’s ambitious goal of owning 5 percent of the ETH supply reflects its confidence in Ethereum’s future role in the financial landscape.
BitMine’s bold and proactive approach to crypto investment signifies a long-term commitment to technological advancements and industry growth. By aligning itself with heavyweight investors and focusing on Ethereum’s potential, BitMine is poised to make a significant impact in the evolving financial landscape.
