BitMine Immersion Technologies (BMNR) has strengthened its position as the largest publicly listed Ethereum (ETH) treasury firm, boosting its total holdings to 1.87 million ETH, valued at approximately $8.1 billion at current market prices.
The company announced on Tuesday that it had acquired an additional 150,000 ETH last week, continuing its aggressive accumulation strategy despite recent market volatility. Alongside its ETH reserves, BitMine retains $623 million in cash for further purchases, underscoring its long-term bullish outlook on Ethereum.
Tom Lee’s Bold ETH Strategy
Led by Thomas Lee, co-founder of Fundstrat Capital and chairman of BitMine, the firm pivoted to a full ETH strategy in June 2025, aiming to control 5% of Ethereum’s total supply. The company plans to leverage these holdings for staking rewards, creating additional revenue streams.
“We believe ETH will be the backbone of decentralized finance and Web3 infrastructure,” Lee said in an earlier interview, emphasizing Ethereum’s role in powering smart contracts and tokenized assets.
Market Impact and Stock Performance
Despite the aggressive accumulation, BMNR shares have dropped 35% since mid-August, trading at $43 in pre-market sessions, as ETH prices pulled back from recent all-time highs. The company’s strategy mirrors that of MicroStrategy’s Bitcoin play, but with a strong focus on the Ethereum ecosystem.
Currently, BitMine ranks as the largest listed ETH treasury holder, second only to MicroStrategy’s $71 billion Bitcoin holdings in the overall crypto treasury landscape.
Ethereum Supply and Staking Potential
By targeting 5% of Ethereum’s circulating supply, BitMine is positioning itself as a dominant player in ETH staking—a critical component of Ethereum’s Proof-of-Stake network. This approach could generate sustainable yields while reinforcing the firm’s influence in the decentralized finance sector.
The move comes as institutional interest in Ethereum surges, driven by expectations around ETH-based ETFs, staking rewards, and the growing adoption of layer-2 scaling solutions.
BitMine’s strategy signals growing institutional confidence in Ethereum’s long-term value. With billions in ETH holdings and significant cash reserves, the company is betting big on Ethereum becoming a core asset for the future digital economy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.