Keynote
- Bitmine announced its crypto and cash holdings reaching $11.6 billion, with its Ethereum Treasury currently exceeding ETKEN of 2.65 million.
- The purchase is part of the company’s continued “5% alchemy” strategy, aimed to acquire 5% of Ethereum’s total circulation supply.
- The company’s stock (BMNR) is the 26th largest trading in the US, with an average daily volume of $2.6 billion, surpassing visas.
Bitmine Immersion Technologies (BMNR) continues its important purchases. On September 29, the company announced that its total crypto and cash holdings reached $11.6 billion, reaching Ethereum.
ETH
$4 203
24-hour volatility:
2.2%
Market Cap:
$507.31 b
Vol. 24H:
$35.19 b
Currently, the Ministry of Finance has exceeded 2.65 million tokens. The decisive purchase action cements Bitmine’s status as ETH’s world’s largest corporate holder.
The September 29th announcement provides a detailed breakdown of the company’s current assets. Bitmine’s holdings currently consist of 2,650,900 ETH and $436 million unhindered cash reserves, bringing the total value of the crypto and cash holdings to $11.6 billion, according to a press release. The report notes that the company owns more than 2% of its supply of ETH tokens.
Bitmine’s “5% Alchemy” Strategy
This purchase is the latest move in a proactive accumulation strategy that Coinspeaker has closely followed. The company’s Treasury Department surpassed its 2.4 million ETH last week, but its shares held first exceeded $9 billion in early September. This consistent purchase highlights the singular focus of the rapid growth of companies and becoming dominant in the Ethereum ecosystem.
Bitmine Chairman Thomas “Tom” Lee framed this strategy as one of the “biggest macro trading” of the next decade. In a statement, he called Ethereum the “best choice” of neutral public blockchains and cited reliability as essential for integrating AI and Wall Street. Lee reiterated the company’s ambitious goal of pursuing “5% alchemy” for all ETH, saying that the power law benefits large holders.
Bitmine’s strategy is part of a larger trend among public companies to adopt Ethereum as its main reserve asset. For example, eSports and Tech Firm Sharplink Gaming also have a treasure trove of 838,000 ETH. The increase in the Department of Corporate Treasury highlights broader institutional beliefs about the long-term value of Ethereum.
The company’s crypto strategy has also attracted a lot of attention in traditional financial markets. Bitmine’s stock (BMNR) is the 26th largest trading in the US, with an average daily trading volume of $2.6 billion. This high liquidity is ahead of established giants like Visas, indicating an increased link to investors beyond dedicated crypto space.
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Zoran Spirkovski is a Web3 Marketing Strategist and former CMO for Duckdao, transforms complex crypto concepts into compelling stories that drive growth. In the background of Crypto Journalism, he excels in developing mobility strategies to market for Defi, L2 and GameFi projects.
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