In the race to dominate the Ethereum treasury landscape, one name keeps surfacing: BitMine Immersion Technologies (BMNR). In just a few months, the company has transformed from a relatively obscure miner into one of the most influential holders of Ether, using public capital markets to fund an increasingly aggressive ETH accumulation strategy.
According to recent disclosures, BitMine Immersion bought roughly seventy thousand Ether in its most recent weekly purchasing spree, with one report putting the figure at 77,055 ETH worth about $320 million, pushing its total stash to more than 3.31 million ETH. That position now represents around 2.8% of Ethereum’s total supply, moving steadily toward the headline-making “3% of ETH supply” mark and a stated long-term target of 5%.
This is not a one-off purchase. Over the past several months, BitMine Immersion has repeatedly announced massive Ether buys, including an $821 million addition in October that took its ETH holdings to about 2.83 million tokens, and further acquisitions that lifted the total to roughly 3.4 million ETH, just shy of 3% of supply, by early November. The firm has explicitly described its mission as “establishing the world’s premier Ethereum treasury” and popularized the concept it calls the “Alchemy of 5%” – a strategy of securing around five percent of all Ether in existence.
For investors, traders and Ethereum users, this raises a series of pressing questions. How did BitMine Immersion get here so quickly? What does it mean when a single listed company holds close to 3% of ETH supply? And perhaps most importantly: does this kind of corporate accumulation help or hurt the broader Ethereum ecosystem and price outlook?
This deep dive unpacks the story behind BitMine’s latest “nearly 70K Ether” week, breaks down its Ethereum treasury strategy, and explores the potential risks and rewards for both BitMine shareholders and the wider crypto market.
Who Is BitMine Immersion And Why Its ETH Bets Matter
From Bitcoin Miner To Ethereum Treasury Powerhouse
BitMine Immersion began life as a relatively small crypto mining and hosting firm focused primarily on Bitcoin. That model flipped in mid-2025. In late June and early July, the company announced a $250 million private placement specifically to build an Ethereum-centric balance sheet, and appointed Thomas “Tom” Lee, co-founder of Fundstrat, as chairman.
The market reaction was explosive. BitMine’s stock price soared more than 3,000% in five trading days after revealing its Ethereum treasury plan, and later surged again when billionaire Peter Thiel’s Founders Fund disclosed a 9.1% stake in the company. At the same time, BitMine kept buying Ether at a staggering pace.
By mid-July, BitMine disclosed about 163,000 ETH worth roughly $500 million, already more than doubling the amount raised in its PIPE. Just ten days later, it reported that its ETH holdings exceeded $2 billion, having grown some 700% in 16 days as it raced toward owning around 2% of circulating supply.
In other words, BitMine Immersion pivoted from a conventional miner into an Ethereum accumulation vehicle in a matter of weeks, similar to how MicroStrategy reinvented itself as a Bitcoin treasury company. That pivot is what makes its recent “nearly 70K Ether last week” move and its current ownership of close to 3% of ETH so important.
The “Alchemy of 5%”: Targeting A Chunk Of ETH Supply
On its website and in investor communications, BitMine Immersion repeatedly references the “Alchemy of 5%” – a target of owning about five percent of total ETH supply over time. The company describes itself as a category-defining digital asset platform built to “maximize ETH per share” for shareholders and to strengthen the Ethereum network by providing long-term, protocol-native capital.
The logic is straightforward but bold. Ethereum is the base layer for most stablecoins, a huge share of DeFi, and an emerging wave of tokenized assets. If you believe that Ether will increasingly function as the economic engine for this ecosystem, then owning a large chunk of its supply – and staking it for yield – might be seen as a way to ride that growth while also contributing to network security.
This explicit pursuit of a percentage of supply, rather than a fixed dollar amount, is what sets BitMine apart from typical corporate crypto treasuries. Where others talk about asset allocation or diversification, BitMine speaks like a strategic player in the Ethereum monetary system, focusing on ETH supply dominance.
BitMine Immersion Added Nearly 70K Ether Last Week
Breaking Down The Latest Purchase And Holdings
Several recent reports give a detailed snapshot of BitMine’s current position. At the end of October, Blockonomi reported that BitMine Immersion Technologies bought 77,055 ETH in a single week, spending about $320 million to bring its total holdings to more than 3.31 million Ether. According to that report, the company’s holdings at that point represented about 2.8% of Ethereum’s total supply and helped push BitMine’s total assets – including crypto, equity stakes and cash – to around $14.2 billion. Around the same time, CoinCentral noted that BitMine disclosed 3.24 million ETH in its treasury as of October 19, equal to about 2.7% of ETH supply, after buying 203,826 ETH in a single week to take advantage of dislocations in Ether markets.
Just weeks later, CoinDesk reported that BitMine had added another $300 million worth of Ether, pushing its holdings to approximately 3.4 million ETH, which the outlet described as “just shy of 3% of the total supply.” With weekly additions like 54,000 ETH here and 77,000 ETH there, it is easy to see why commentators summarize the pace as “nearly 70K Ether last week” – because in multiple consecutive weeks, BitMine has bought on the order of tens of thousands of ETH at a time.
Taken together, the data paints a picture of relentless accumulation. Week after week, BitMine Immersion is deploying hundreds of millions of dollars to expand what is already the largest corporate Ethereum treasury in the world, overtaking other firms that have experimented with ETH reserves.
How Close Is BitMine To Controlling 3% Of ETH Supply?
The exact percentage of ETH supply that BitMine controls shifts along with Ethereum’s total circulating supply and price. In mid-2025, when it first crossed the $2 billion mark, BitMine’s holdings equated to roughly 1.9% of circulating Ether. By late October, after the 77,055 ETH purchase, it had reached about 2.8% of supply, and the most recent CoinDesk update points to “just shy of 3%” with about 3.4 million ETH.
In practical terms, that means that out of every 100 Ether that exists, roughly three sit on BitMine Immersion’s balance sheet or in related treasury structures. If the company continues to buy at “nearly 70K Ether per week,” it could plausibly hit its 5% supply target within a year or two, depending on Ethereum issuance, staking dynamics and price.
Such an outcome would make BitMine to Ethereum what MicroStrategy is to Bitcoin: a publicly traded vehicle whose entire identity is built around owning a massive slice of a base-layer crypto asset. For shareholders, that could mean high exposure to ETH price upside. For the Ethereum community, it raises more complex questions about concentration, governance and systemic risk.
Why Corporates Are Building Ethereum Treasuries
From MicroStrategy’s Bitcoin Playbook To ETH Accumulation
The blueprint for this move is no secret. MicroStrategy’s decision to convert its corporate treasury to Bitcoin in 2020–2021 inspired dozens of companies to treat crypto as a strategic reserve asset. BitMine has openly acknowledged that it is following a similar approach, but with a twist: it believes Ethereum’s role in stablecoins, DeFi and tokenization makes ETH an even more compelling asset to hold over the long term.
As analysts at 24/7 Wall St. and Investopedia have noted, BitMine’s Ethereum treasury strategy aligns with growing institutional enthusiasm for Ether’s utility rather than just its scarcity. The company explicitly frames itself as a way for public-market investors to gain concentrated exposure to ETH price performance, staking yields and the broader growth of the Ethereum ecosystem without having to manage wallets or custody themselves. Other firms – from small-cap tech companies to mining outfits – have dipped their toes into ETH reserves as well, but none has pursued the ETH accumulation path as aggressively as BitMine.
Yield, Staking And DeFi As Strategic Drivers
One reason Ethereum is particularly attractive as a treasury asset is that it is not purely speculative. With proof-of-stake, a large Ether holder can stake tokens to earn a native yield in ETH while simultaneously contributing to network security. BitMine has repeatedly highlighted that staking and other native protocol participation are central to its model. It aims not only to hold Ether, but also to deploy it in ways that generate yield and reinforce the network.
In addition, Ethereum sits at the center of the tokenized asset and stablecoin boom. Billions of dollars worth of real-world assets, dollar-pegged stablecoins and DeFi collateral circulate on Ethereum, meaning demand for block space and ETH-denominated fees can grow with on-chain economic activity. For a corporate treasurer thinking in decades rather than days, this combination of yield potential and structural demand creates a strong narrative for long-term Ether accumulation.
Market Impact: What 3% Of ETH Supply In One Treasury Means
Liquidity, Decentralization And Network Security
At first glance, having a single corporate treasury hold millions of ETH might sound like a threat to decentralization. If one entity controls a large chunk of the supply, it could in theory wield outsized influence over governance ecosystems, staking pools or market liquidity.
The reality is more nuanced. Ethereum has a very broad holder base that includes exchanges, DeFi protocols, long-term wallets and countless smaller participants. Even if BitMine reaches its 5% target, it would still leave 95% of ETH supply in other hands, and a substantial portion of BitMine’s own holdings would likely be staked across multiple validators or custodians.
In some respects, the company’s strategy can even enhance network resilience. Large-scale staking by long-term, economically aligned actors can reduce the share of Ether sitting on exchanges, where it is more vulnerable to short-term speculative swings. As BitMine and similar treasuries lock ETH into staking contracts, they increase the cost of attacking the network while potentially contributing to deeper liquidity in institutional-grade venues.
Price Dynamics And Investor Psychology
There is little doubt that BitMine’s strategy has shaped Ether price dynamics in 2025. Multiple outlets have argued that the firm’s relentless buying has been a key factor in Ethereum’s outperformance versus Bitcoin for stretches of the year, with analysts describing BitMine as a “single catalyst” behind shifts in ETH market dominance.
Large block purchases – such as the 203,826 ETH week or the recent 77,055 ETH tranche – can absorb sell pressure that might otherwise push prices lower. They also send a powerful psychological signal: if a public company is willing to continually buy hundreds of millions of dollars worth of Ether, some investors interpret that as validation of Ethereum’s long-term value proposition.
However, this dynamic cuts both ways. If BitMine were ever forced to slow or reverse its buying because of market conditions, financing constraints or regulation, the absence of that constant demand could make pullbacks more severe. In the meantime, the company’s presence adds a new layer to Ethereum market structure, alongside ETFs, DeFi whales and on-chain funds.
Risks Around Hyper-Accumulation Of Ether
Concentration Risk And Regulatory Scrutiny
Regulators are already paying closer attention to large, centralized holders of digital assets, especially when those holdings may influence market stability or investor protection. A publicly traded company that aims to own 5% of ETH supply is likely to attract scrutiny from securities regulators, prudential authorities and possibly even competition or systemic risk bodies.
Concentration risk is not just a theoretical concern. If a single corporate balance sheet becomes deeply entangled with Ethereum’s monetary layer, the health of that company could, in extreme scenarios, affect confidence in Ether markets. A major governance failure, accounting scandal or bankruptcy at BitMine could force a rapid re-evaluation of its massive ETH reserves and how they might be treated in insolvency.
At the same time, transparency requirements for public companies provide some comfort. BitMine is obligated to disclose its holdings, financing and risk management in filings, giving investors and analysts more data than they would have about opaque private whales.
Treasury Leverage And Market Downturns
Aggressive ETH accumulation is most appealing when prices are rising and capital is abundant. The real test comes during extended downturns. If Ethereum were to suffer a prolonged bear market, a highly leveraged Ether treasury could become a liability rather than an asset.
BitMine has raised large amounts of capital, issued equity and accumulated debt-like obligations to fund its purchases. If ETH prices fall significantly, the value of its assets could drop faster than its funding base, pressuring its stock, its balance sheet and its ability to continue buying. That is the classic risk of any leveraged treasury trade, magnified by the volatility of crypto.
In such a scenario, BitMine might be forced to sell Ether or halt its “nearly 70K per week” clip, removing a key source of demand from the market at the worst possible time. The company’s own communications emphasize a long-term horizon and a belief in Ethereum’s fundamentals, but markets do not always give ambitious strategies the time they need to play out.
Outlook: Can BitMine Reach Its 5% ETH Supply Goal?
Looking forward, the central question for BitMine Immersion is whether it can actually achieve its Alchemy of 5% goal. If it already holds around 3.3 to 3.4 million ETH, representing close to three percent of supply, then moving to five percent would require accumulating roughly another two million Ether, depending on future issuance and burns.
At recent weekly purchase rates – sometimes near or above 70,000 ETH – that would take on the order of many months to a couple of years, assuming stable conditions. Sustaining this pace would likely require continued access to capital markets, ongoing investor confidence and a supportive regulatory environment. Whether or not BitMine hits the magic five percent number, the impact of its strategy is already being felt. The company has:
Strengthened the narrative of Ethereum as a corporate treasury asset, not just a developer platform. Demonstrated that public markets are willing, at least in some phases, to reward an ETH-centric balance sheet with a soaring equity valuation. Pushed a real conversation about the implications of large, centralized Ether holders for network security, decentralization and institutional adoption.
For investors trying to understand the future of Ether, BitMine Immersion is now part of the core story. Its latest “nearly 70K Ether last week” addition and its march toward holding three percent of ETH supply are signals that the age of Ethereum treasuries is no longer hypothetical – it is happening in real time, in public markets, and at a scale large enough to move the needle.
Conclusion
BitMine Immersion’s rapid rise from a small miner to the world’s largest corporate Ethereum treasury is one of the most striking crypto stories of 2025. By adding “nearly 70K Ether” in a single week – and many tens of thousands more in adjacent weeks – the company has pushed its holdings to over 3.3 million ETH, representing close to 3% of total ETH supply and inching toward its ambitious 5% target.
This aggressive ETH accumulation strategy is reshaping both BitMine’s identity and the broader Ethereum market. On the positive side, it channels long-term capital into the network, supports staking and reinforces the narrative that Ether is not just a speculative token, but a strategic corporate asset tied to DeFi, stablecoins and tokenized finance. On the risk side, it concentrates a substantial amount of Ether in a single listed entity, introducing new layers of regulatory, balance-sheet and systemic uncertainty.
For Ethereum holders, traders and institutional investors, BitMine Immersion has become a bellwether. Its weekly treasury updates can influence sentiment, its stock price reflects Wall Street’s appetite for Ether-centric strategies, and its stated goal of owning a meaningful slice of ETH supply forces everyone to think harder about what it means for a protocol to have “corporate whales.”
As always, nothing in this analysis is financial advice. But if you care about Ethereum’s future – from ETH price and staking yields to decentralization and institutional adoption – then keeping an eye on BitMine Immersion’s next move has become part of the job.
FAQs
Q: How much Ether does BitMine Immersion hold right now?
Recent reports indicate that BitMine Immersion holds between 3.3 and 3.4 million Ether, depending on the exact reporting date. Blockonomi cited over 3.31 million ETH after a 77,055-ETH purchase, while CoinDesk later reported that BitMine’s holdings had reached about 3.4 million ETH, “just shy of 3% of the total supply.”
Q: Why do people say BitMine added “nearly 70K Ether” last week?
The phrase “nearly 70K Ether” reflects the scale of BitMine’s recent weekly buys rather than a precise number. One week in late October saw BitMine purchase 77,055 ETH, and another stretch included more than 54,000 ETH added in seven days. Rounded figures like “nearly 70K” are often used in headlines to capture the magnitude of these repeated, very large weekly purchases.
Q: What is BitMine Immersion’s long-term goal with its Ethereum treasury?
BitMine has articulated a strategy it calls the “Alchemy of 5%,” which refers to a long-term ambition to own around five percent of total ETH supply. The company says its mission is to maximize ETH per share for investors while advancing the Ethereum ecosystem through strategic accumulation, capital markets activity and protocol-native participation such as staking.
Q: Does BitMine’s huge ETH position threaten Ethereum’s decentralization?
BitMine’s growing share of ETH does raise valid questions about concentration, but it does not automatically threaten decentralization. Even at three percent of supply, the majority of Ether remains in the hands of other holders, including exchanges, DeFi protocols, long-term wallets and smaller investors. That said, regulators and community members are watching closely, because a single corporate treasury targeting five percent or more of supply is unprecedented in Ethereum’s history.
Q: How does BitMine Immersion’s strategy affect everyday ETH investors?
For everyday investors, BitMine’s ETH accumulation can have both direct and indirect effects. Directly, large purchases can absorb selling pressure and sometimes support price during dips. Indirectly, the company’s high-profile Ethereum treasury strategy helps legitimize Ether as a corporate asset class, potentially attracting more institutional interest. At the same time, reliance on a single aggressive buyer introduces new risks if BitMine ever has to slow or reverse its purchases. Understanding these dynamics can help individual ETH holders better interpret market moves and newsflow around large treasuries.
