BitMine Immersion has become one of the biggest players in cryptocurrency, with its rapid accumulation of Ethereum making it the largest institutional ETH holder in the world. The company, led by Fundstrat co-founder Thomas “Tom” Lee, now controls more than 2% of Ethereum’s total supply. At current prices, BitMine holds about 2.4 million ETH valued at over $10 billion, along with 192 Bitcoin, $345 million in cash, and a $175 million stake in Eightco Holdings. This scale makes BitMine the second-largest crypto treasury worldwide, behind only Strategy Inc, which holds more than 639,000 Bitcoin.
Lee said the company is working toward what it calls the “Alchemy of 5%,” a plan to hold 5% of all Ethereum in circulation. That would represent an unprecedented concentration of ETH in one corporate treasury. BitMine’s move highlights how institutional finance is adopting blockchain in a way that once seemed unlikely. According to CoinGecko, Ethereum’s supply is around 120 million coins. BitMine already owns over 2% of that, and if it reaches 5%, the company would control more ETH than most decentralized exchanges or DeFi platforms manage at any time.
The company’s strategy has not gone unnoticed by investors. ARK’s Cathie Wood, Founders Fund, Pantera Capital, Bill Miller III, Galaxy Digital, Kraken, DCG, and MOZAYYX are among the names backing BitMine. Their support signals confidence that Ethereum is not only a digital asset but also a core part of the future financial system. Lee has argued that Ethereum could be one of the biggest macro trades over the next decade, pointing to its role in tokenization, smart contracts, and decentralized applications. He has said Wall Street and artificial intelligence moving onto blockchain will push Ethereum into the center of the global economy.
BitMine Immersion trades under the symbol BMNR on the NYSE American exchange and has quickly become one of the most traded U.S. stocks. The company averaged $3.5 billion in daily trading volume over five days in September, ranking 24th among nearly 6,000 listed companies. That level of activity gives institutional investors a regulated way to gain indirect exposure to Ethereum. The share price has also reacted to the company’s growing ETH stash, moving from $38 in early August, when BitMine held about 1% of ETH supply, to more than $61 once it crossed the 2% threshold. Market watchers say this shows investors place a premium on concentrated Ethereum accumulation.
The $175 million stake in Eightco Holdings has added another layer to BitMine’s profile. Eightco, once focused on e-commerce, has shifted toward building a treasury of Worldcoin tokens. Worldcoin is linked to OpenAI CEO Sam Altman and aims to provide a digital identity system tied to a cryptocurrency network. For BitMine, this move broadens its exposure to projects at the intersection of technology, AI, and digital assets. Observers note that combining Ethereum accumulation with positions in projects like Worldcoin reflects a strategy of long-term bets on blockchain adoption.
BitMine’s crypto and cash holdings total $11.4 billion, placing it among the largest corporate treasuries ever built around digital assets. The company’s rise also points to a broader trend of corporations viewing cryptocurrencies as strategic reserves rather than speculative assets. Strategy Inc set the standard with Bitcoin, but BitMine has taken a different path by focusing almost entirely on Ethereum. That choice reflects a belief in Ethereum’s role as the foundation for decentralized finance, NFTs, and smart contract–based systems that could support global payments and institutional finance.
Ethereum’s position has become more important as Wall Street experiments with tokenized securities and AI tools that run on decentralized systems. Tokenization of real-world assets such as bonds, stocks, and real estate is expanding, and many of these efforts use Ethereum’s blockchain. With the rise of AI-driven trading and risk management, BitMine argues that the integration of AI and blockchain will create a new kind of token economy. By holding a large portion of Ethereum’s supply, BitMine sees itself positioned to benefit from this shift.
Institutional Ethereum investors have taken note of this approach. Backers such as Cathie Wood and Founders Fund are known for making early bets on technologies they believe will reshape markets. Their involvement provides legitimacy to BitMine’s thesis that Ethereum is a macro trade for the next 10 to 15 years. Pantera Capital, Galaxy Digital, and DCG add further weight to this institutional support, showing that some of the largest names in digital assets view Ethereum as central to the future of finance.
The market response has reinforced BitMine’s case. Trading data shows that investors treat BitMine as a proxy for Ethereum exposure, with share prices rising alongside the company’s ETH purchases. Analysts suggest that if the firm moves from its current 2% toward the 5% goal, it could become one of the most influential forces in the Ethereum ecosystem. This could raise questions about concentration of supply, but for now the market appears to reward the strategy.
BitMine Immersion has moved from a relatively unknown firm to a central name in both crypto and stock markets within months. With more than $11 billion in total holdings, the company now sits at the center of discussions about Ethereum’s future. Its aggressive accumulation, investor backing, and strong trading activity point to a growing link between blockchain, AI, and institutional finance. For many, BitMine has become a symbol of how Wall Street and technology are reshaping the landscape of global money, with Ethereum at the center of that transformation.
