BitMine Immersion added 69,822 ETH last week, bringing its position to 3.63 million tokens, approximately 3% of Ethereum’s circulating supply. The purchase, valued at around $195 million, reinforces the company as the largest corporate ETH treasury. The move situates BitMine at the forefront of corporate accumulation in Ethereum.
The acquisition of 69,822 ETH was paid for at an approximate value of $195 million. In total, the company reports cash and crypto assets exceeding $11.2 billion, including 192 Bitcoin and an equity stake in Eightco Holdings. Since the formal launch of its treasury initiative on June 30, 2025, BitMine has raised capital and executed significant purchases to build that balance.
The company’s strategy is part of an internally named plan, “Alchemy of 5%”, whose goal is to control 5% of the total ETH supply; achieving it would require acquiring about 6 million additional ETH. To finance future purchases, BitMine has proposed ambitious capital programs, including a $24.5 billion share issuance plan, and has previously turned to registered placements — for example, a direct offering of $365 million at $70 per share.
Recent purchase and composition of BitMine ETH treasury
The accumulation push coexists with unrealized losses of roughly $4 billion on its ETH bet after the decline from August highs. That situation contrasts with the behavior of other corporate treasuries, many of which have slowed new purchases, executed share buybacks or liquidated positions to support balances. The move has also generated skepticism and short positions: firms like Kerrisdale Capital have criticized the strategy, calling it unsustainable.
Analysts compare BitMine’s pace of buying to historical operations by other issuers; in particular, BitMine’s ETH accumulation has occurred at a rate roughly 12 times faster than MicroStrategy used in its early Bitcoin purchases. Tom Lee, of Fundstrat, is linked to the strategy and has put forward bullish projections for Ethereum — including a $10,000 prediction for 2025 — which, according to executives and promoters, underpin the buying conviction.
The recent operation consolidates BitMine Immersion as the largest corporate ETH treasury and makes clear the next milestone: reaching 5% of the supply, a goal that will require the purchase of about 6 million additional ETH. The move places the company at the center of the debate over concentration, risk and governance of digital assets.
