BitMine (BMNR) Stock Surges Amid Crypto Pivot and Ethereum Accumulation

BitMine (BMNR) skyrockets with bold Ethereum strategy, aiming to own 5% of ETH as crypto stocks gain momentum.

20 October 2025, 18:48 published Updated 20 October 2025, 18:48

BMNR Stock Soars as BitMine Bets Big on Ethereum

BitMine (BMNR) has become one of the standout performers in 2025, delivering one of the year’s most dramatic stock stories. Trading below $2 at the end of 2024, the stock skyrocketed to an intraday high of $161 by early July after the company shifted its core business strategy toward cryptocurrency accumulation. Since then, volatility has defined BMNR’s price movement, with a 52-week range between under $4 and $161 — a reflection of the extreme price swings typical of crypto-linked equities.

BMNR Price Action Tracks Crypto Market Sentiment

In recent weeks, BMNR’s daily trading behavior has mirrored the broader cryptocurrency market. The stock traded near $59–$60 in early October before surging 11.6% on October 6 to close at $63.22, buoyed by excitement surrounding BitMine’s growing Ethereum holdings. Just days later, however, a sharp downturn in the crypto market dragged BMNR down 11% in a single session, as both Bitcoin and Ethereum saw significant sell-offs.

The rollercoaster continued as the stock rebounded 8% on October 13 following announcements of additional Ether purchases. However, profit-taking led to a pullback by October 17, closing at $49.85 — the lowest in over a month. Despite these swings, BMNR remains up approximately 700% year-to-date, maintaining a strong uptrend supported by investor interest and massive trading volume, often ranging from 40 to 70+ million shares per day. For a mid-cap stock, that level of liquidity is extraordinary.

BitMine’s Strategic Shift to Ethereum Treasury Model

Originally a niche crypto mining operation, BitMine gained early attention for its use of immersion-cooled mining technology in Texas and Trinidad. But in mid-2025, the company pivoted from a mining-revenue model to a full-fledged digital asset treasury strategy, focusing primarily on accumulating Ethereum.

Although BitMine still operates some Bitcoin mining rigs and offers hosting services, the majority of the company’s value now stems from its crypto portfolio. As of mid-October, BitMine holds more than 3 million ETH, alongside 192 Bitcoin and other digital assets. These holdings are valued between $12–13 billion, making BitMine the largest corporate Ethereum holder in the world and the second-largest crypto treasury overall — behind only MicroStrategy, which holds a larger Bitcoin reserve.

Industry media have labeled BMNR as the “Ethereum whale” of Wall Street and “the MicroStrategy of ETH,” capturing the company’s rapid rise and aggressive accumulation strategy.

BitMine Aims to Control 5% of Ethereum’s Supply

BitMine’s leadership has set an ambitious target: owning 5% of Ethereum’s total circulating supply. The initiative, internally dubbed the “Alchemy of 5%,” has already passed the halfway point, with the company currently holding about 2.5% of all ETH in existence.

Chairman Tom Lee, a veteran Wall Street crypto strategist, believes Ethereum is entering a “supercycle” driven by AI integration and increasing institutional adoption. To capitalize on this trend, BitMine stakes a portion of its ETH to generate yield while maintaining a long-term accumulation plan.

Since beginning its Ethereum acquisition in July 2025, when ETH was trading around $2,500, BitMine has rapidly built its holdings to over 3 million ETH in just four months — becoming a major ETH holder by ownership rather than blockchain participation.

Capital Raises Fuel Aggressive Ether Purchases

To finance its Ethereum strategy, BitMine has tapped the equity markets in a big way. On September 22, the company raised $365.2 million through a direct stock offering at $70 per share — a 14% premium to market at the time — highlighting strong investor demand. The deal included 5.22 million shares and additional warrants that could bring in close to $1 billion if exercised.

Earlier in the year, BitMine had nearly exhausted a $4.5 billion at-the-market (ATM) share program and has since filed to expand that capacity to $20 billion. This massive war chest is designed to support ongoing ETH purchases, potentially allowing BitMine to achieve its 5% supply goal.

Buying the Dip: Over $1.5 Billion in Ether Acquired in October

When the crypto market dipped in early October, BitMine responded with a bold buying spree — acquiring more than 379,000 ETH over the span of a week. These purchases totaled around $1.5 billion at post-crash prices and pushed the company’s Ethereum holdings past the 3 million mark.

The company regularly updates investors on these milestones through press releases and SEC filings, using transparency to reinforce investor confidence in its long-term vision.

BMNR has captured the attention of both retail traders and institutional investors. On platforms like StockTwits and Reddit, BMNR has developed a cult-like following, with many investors viewing it as a leveraged proxy for Ethereum exposure.

High-profile institutional players are also showing support. ARK Invest, led by Cathie Wood, purchased significant shares during the October dip, signaling strong confidence in BitMine’s Ethereum-focused strategy.

Analysts have mostly issued bullish ratings, with firms like B. Riley Securities projecting that BMNR will continue trading at a premium to its net asset value due to its ETH staking revenue, robust fundraising ability, and market position. Analysts estimate that BitMine could eventually amass more than 7 million ETH if favorable conditions persist.