Bitmine Sets Sights on Dominating Ethereum Holdings

Bitmine, a Nevada-based company listed on the New York Stock Exchange (NYSE), has made significant strides in accumulating Ethereum holdings. According to reports, Bitmine now owns over 4% of the total Ethereum supply, with its current stash standing at 4.875 million ETH.

The acquisition is part of Bitmine's 'Alchemy of 5%' strategy, which aims to accumulate up to 5% of all Ethereum as its primary corporate reserve asset. The company has reportedly made significant purchases in recent weeks, with a weekly buy of 71,524 ETH marking the highest single-week pace since December 22, 2025.

Bitmine's CEO Chi Tsang and Chairman Tom Lee have expressed confidence in Ethereum's performance, citing its strong performance amidst the ongoing Iran conflict. They attribute this to two key drivers: Wall Street firms tokenizing assets on the Ethereum blockchain and artificial intelligence (AI) systems increasingly operating on public infrastructure.