BitMine Immersion has acquired 14,618 Ethereum from BitGo, a transaction valued at $44.34 million. This acquisition is part of BitMine's ongoing strategy to significantly increase its cryptocurrency holdings by late November 2025.
The purchase further solidifies BitMine's position and is expected to impact Ethereum's supply dynamics, particularly amidst current market liquidity challenges. This move also reflects growing institutional confidence in Ethereum's long-term potential and its crucial role within the decentralized finance (DeFi) ecosystem.
BitMine's Strategic Objective: Accumulating 5% of Ethereum Supply
Under the guidance of Chairman Tom Lee, BitMine Immersion has executed a substantial acquisition of 14,618 Ethereum from BitGo. This purchase, amounting to $44.34 million, is a key component of the company's ambitious plan to eventually control approximately 5% of Ethereum's circulating supply. This initiative, referred to as the "Alchemy of 5%", signifies a strategic pivot for BitMine, transitioning its focus from cryptocurrency mining towards the establishment of a robust digital asset treasury.
This acquisition has the potential to enhance BitMine's influence over Ethereum's liquidity, gradually positioning the company as a significant large-scale holder of the cryptocurrency. BitMine's expanding treasury is demonstrably influencing Ethereum's market dynamics, indicating noteworthy shifts within the broader digital asset industry. The implications of these developments include a potential reduction in the readily available supply of Ethereum and notable alterations in digital asset liquidity.
BitMine's acquisitions reflect institutional confidence in Ethereum’s price and DeFi utility, aligning with increased stablecoin supply and activity on Ethereum. - Tom Lee
Ethereum Market Dynamics and Institutional Influences
BitMine's objective of accumulating such a significant portion of Ethereum's supply is reminiscent of other institutional strategies that have historically led to strengthened market positions and increased investor confidence in digital assets.
According to data from CoinMarketCap, Ethereum's price stands at $2,998.44, with its total market capitalization reaching $361.90 billion. The trading volume over the preceding 24 hours was $15.97 billion, representing a decrease of 25.72%. Price analysis indicates a 30-day downturn of 24.57%, continuing a broader trend observed over the past 90 days. As of November 28, 2025, Ethereum's circulating supply is recorded at 120,695,537.42 ETH.
Coincu's research team notes that financial and regulatory shifts, coupled with institutional acquisitions such as BitMine's, could catalyze significant technological advancements within the DeFi and smart contract ecosystems. These strategic moves underscore Ethereum's fundamental importance as an asset, influencing governance protocols and collateralization mechanisms across the cryptocurrency landscape.