In just one week, BitMine Immersion (BMNR) became the most closely watched crypto stock on Wall Street. The blockchain technology company went from holding just over 833,000 Ethereum (ETH) to over 1.15 million tokens in its portfolio. This meteoric accumulation, valued at approximately $4.96 billion, placed it as the largest Ethereum treasury on the planet.

The market reacted with the usual euphoria in these cases, as in just five days, BMNR shares soared more than 85%, reaching $61.60 in premarket trading. Moreover, its stock has already seen an impressive increase of 690% so far this year, and its upward momentum promises to continue if ETH follows experts' predictions.

All of this was part of a plan as ambitious as it was striking, dubbed "the 5% alchemy." Thomas "Tom" Lee, chairman and co-founder of Fundstrat, explained that the goal was to capture no less than 5% of the total Ethereum supply. The move wasn't going unnoticed by the industry's biggest names. Funds such as Founders Fund, the platform Kraken, and the giant Digital Currency Group joined the company's support, reinforcing institutional confidence in the strategy. Lawyer and analyst John E. Deaton even predicted that, at the current pace, BitMine could become the world's second-largest cryptocurrency treasury in a matter of weeks, behind only Michael Saylor's firm, Strategy (MSTR), famous for its voracious BTC accumulation.

The frenzy was also reflected in liquidity. Lee boasted on social media that BMNR had climbed to become one of the 25 most liquid stocks in the United States. This was no small feat: over the past week, its average daily trading volume hovered around $2.2 billion, surpassing even traditional giants like JPMorgan.