BitMine Becomes Largest Ethereum Holder With $6.6B ETH

BitMine Immersion Technologies has surged into the spotlight with its massive Ethereum accumulation, now totaling more than $6.6 billion.

What Happened?

BitMine Immersion Technologies has become the largest corporate holder of Ethereum, announcing it now holds 1.523 million ETH tokens valued at around $6.6 billion. This rapid expansion, including a one-week addition of 373,000 ETH, positions BitMine as the second-largest overall corporate crypto treasury after MicroStrategy.

The company’s strategy has gained attention for its ambition to acquire 5 percent of all Ethereum in circulation, an initiative dubbed the “alchemy of 5%.” Yet, despite the crypto accumulation, BitMine’s stock dropped more than 14 percent over the past week as market sentiment cooled.

BitMine’s Ethereum Strategy: Aiming for 5 Percent of ETH

Las Vegas-based BitMine made headlines by boosting its ETH reserves by $1.7 billion in just a week, moving from $4.9 billion to $6.6 billion in holdings. The purchases raise its Ethereum share to roughly 1.3 percent of the total supply.

Chairman Thomas Lee, a well-known market strategist from Fundstrat, said, “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years.” He compared the crypto shift to the historic end of the Bretton Woods system, marking a new financial era.

Ethereum is where Wall Street and AI are converging
👇@isabelletanlee @business https://t.co/OKJOVRRXT7

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) August 19, 2025

The company’s Ethereum-focused strategy stands in contrast to peers like MicroStrategy and MARA Holdings that primarily hold Bitcoin.

Institutional Support Backs BitMine’s Bold Move

BitMine’s plan has received institutional backing from major players like:

Spokesperson Marcy Simon said Wall Street is increasingly viewing Ethereum as the backbone of modern banking and payments, especially with the rise of AI development on the blockchain.

Stock Slide Amid ETH Pullback

Despite its crypto success, BitMine’s stock fell 14.2 percent between August 11 and August 18. On Monday alone, shares were down 7 percent to $54, correlating with a 5 percent drop in Ether’s price, which slipped below $4,300 after flirting with record highs near $4,800.

Other crypto treasury firms saw similar declines:

• SharpLink Gaming dropped 3 percent
• DeFi Development and Upexi fell 9 percent and 6 percent respectively

Future Plans: $24.5 Billion Stock Sale

To continue its Ethereum buying spree, BitMine announced a $24.5 billion at-the-market stock sale. This capital will fuel its march toward the ambitious 5 percent goal.

SharpLink Gaming, BitMine’s closest ETH-holding rival with 729,000 ETH, recently raised $389 million for similar purchases. Another competitor, The Ether Machine, holds 345,000 ETH.

Ethereum Ecosystem Growth Fuels Demand

The broader Ethereum ecosystem is booming:

• Ethereum ETFs generated $17 billion in trading volume last week
• Standard Chartered raised its ETH price target for 2025 from $4,000 to $7,500
• May’s Pectra upgrade boosted Ethereum’s performance, improving transaction capacity and validator efficiency

ETH’s price has risen 139 percent since May, reaching above $4,700 before the recent dip.

CoinLaw’s Takeaway

I find BitMine’s move both incredibly bold and strategically timed. In my experience, few corporate plays in crypto have shown this level of commitment to Ethereum over Bitcoin. While the stock drop may concern some, this kind of volatility is typical when traditional finance meets crypto ambition. If BitMine continues at this pace, it could reshape how public companies think about treasury allocation. I’ll be keeping a close eye on how this “alchemy of 5%” unfolds.