NYSE-listed BitMine Immersion Technologies said Monday it now holds nearly $500 million worth of ether as the bitcoin-miner-turned-treasury-vehicle accelerates its pivot to an Ethereum-centric balance-sheet strategy.
The Nevada-based firm disclosed that it amassed over 163,000 ETH since its initial capital raise, spending double the $250 million generated from share sales. The purchase lifts BitMine’s reported stash above the 160,142, cementing it as one of the largest public holders of the asset and ranking it second among Ethereum treasuries, per DefiLlama. Only the Ethereum Foundation and SharpLink boast bigger ETH reserves.
BitMine (ticker BMNR) adopted an “asset-light” treasury model in June, pledging to increase ether held per share through capital-markets activity, staking yields, and reinvested operating cash flow. The firm’s stock surged 400% as management said the strategy will both enhance shareholder value and support Ethereum’s decentralization by removing supply from circulation.
Board chairman and Fundstrat founder, Tom Lee, likened the approach to Strategy’s high-profile bitcoin play, arguing that large corporate treasuries can create a reflexive benefit as institutional demand grows. He said Strategy’s 597,000 BTC trove has formed a “sovereign put” for nation-states to access bitcoin exposure.
“Similarly, ETH Treasuries, which accumulate 5% of ETH supply, can benefit from a similar ‘Wall Street put’,” Lee noted. BitMine has indicated it may continue tapping capital markets to enlarge its position, but did not outline further purchase targets.
Shares of BMNR rose 15% in Monday’s session while ether changed hands around $3,066, up almost 3% in 24 hours, according to The Block’s ETH price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
