Tom Lee-chaired Bitcoin miner-turned-Ethereum treasury company BitMine Immersion said its ETH holdings have now surpassed 2% of the second-largest cryptocurrency’s circulating supply following its latest acquisitions.
BitMine appears to have bought approximately 264,378 ETH ($1.1 billion) since its last update on Sept. 15, reporting its total crypto and cash holdings had reached $11.4 billion on Monday.
The company now holds 2,416,054 ETH, worth around $10.1 billion, alongside 192 BTC ($22.1 million), a $175 million stake in WLD treasury firm Eightco, and $345 million in unencumbered cash. Ethereum’s current circulating supply sits at approximately 120.7 million ETH, according to The Block’s price page.
BitMine is currently the largest Ethereum treasury holder, followed by Joe Lubin’s SharpLink and The Ether Machine, with approximately 838,150 ETH and 495,360 ETH, respectively, according to SER data. BitMine is also the second-largest public crypto treasury company overall, behind Michael Saylor’s Strategy, which holds bitcoin in the amount of 639,835 BTC ($72.1 billion) — equivalent to more than 3% of bitcoin’s total 21 million supply.
Supported by institutional investors including Ark Invest’s Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, BitMine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.
“BitMine ETH holdings now exceed 2% of supply as we move towards our ‘Alchemy of 5%’ of ETH supply. We approached holdings of 1% of ETH in early August when BitMine’s equity was $38 (20-moving average) and as we exceed 2%, BitMine’s share price is now over $61,” Lee said in a statement. “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years.”
BitMine raises $365 million at 14% premium, eyes $1.28 billion to expand ETH holdings
Also on Monday, BitMine announced a $365.24 million registered direct offering, selling roughly 5.2 million shares at $70 each — 14% above Friday’s closing stock price — along with warrants that could add another $913 million if exercised, pushing total potential proceeds to approximately $1.28 billion.
“This is materially accretive to existing shareholders as the primary use of proceeds is to add to our ETH holdings,” Lee said. “In our view, this 14% premium reflects not only strong institutional investor interest in the BitMine story, but also confidence in our execution as a company.”
BitMine expects the offering to close on Sept. 23, pending standard closing conditions.
© 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.
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