BitMine Immersion Technologies intensified its Ethereum treasury strategy as ETH traded close to cycle lows, executing an $88 million purchase that increased its stake. The company is positioning the move as opportunistic accumulation designed to advance a longer-term supply target rather than a short-term trade.
What the purchase changes for BitMine’s ETH posture
BitMine acquired roughly 29,462 ETH in its latest tranche, executed via custodial transfers from BitGo and Kraken. The firm says its treasury now holds more than 4.06 million ETH, representing 3.36% of circulating supply and implying a valuation above $12 billion at the time described. Management frames this as continued progress toward the internal “Alchemy of 5%” objective, which targets accumulating 5% of Ethereum’s total supply.
It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 29,462 $ETH($88.1M) from BitGo and Kraken.https://t.co/hXCQQvO6ZFhttps://t.co/m3WT8Jwh6x pic.twitter.com/REuuHwyR6q
— Lookonchain (@lookonchain) December 23, 2025
The strategic rationale is anchored in three themes: staking economics, expanding institutional rails, and Ethereum’s role as a settlement layer for stablecoins and tokenized real-world assets. BitMine’s approach treats ETH as a treasury asset linked to yield dynamics and network utility, not merely a directional price bet. The firm timed the deployment as ETH traded near $2,978, describing the level as a dip worth funding.
Not everyone is buying the thesis without reservations. While Ethereum’s utility narrative remains compelling, analysts have flagged valuation risk and warned that treasury accumulation does not guarantee price appreciation. With a larger reserve, BitMine’s balance sheet becomes more sensitive to ETH volatility and changes in staking rewards, and the company’s growing position reshapes the landscape of large institutional crypto treasuries.
On execution and controls, the custody pathway matters. Using regulated custodians for transfers signals a conventional, institution-friendly custody setup rather than self-custody, but it also concentrates operational reliance on established custody rails. From a market-structure standpoint, the purchase reduces liquid supply in the near term while increasing the firm’s exposure to protocol-level and reward-rate shifts.
BitMine’s $88 million ETH buy strengthens its standing as a major institutional holder and moves it closer to its stated “Alchemy of 5%” target.
