BitMine Immersion Technologies (NYSE American: BMNR) has revealed it now holds over $500 million worth of Ethereum, marking a significant expansion of its digital asset treasury, less than a week after closing a $250 million private placement.
The company confirmed that as of 7:45 a.m. ET today, it owns 163,142 ETH, with Bloomberg pricing each coin at $3,072.67.
This rapid accumulation underscores BitMine’s pivot to an Ethereum-focused treasury model, a move that mirrors earlier Bitcoin-centric strategies employed by companies like MicroStrategy. The shift, according to newly appointed Fundstrat chairman Thomas Lee, reflects the company’s long-term commitment to Ethereum’s future.
“Surpassing our initial raise demonstrates rising institutional conviction around ETH,”
Lee noted, pointing to Ethereum’s increasing role in the digital financial system.
Building on this momentum, CEO Jonathan Bates described the treasury expansion as a clear signal that “Wall Street is getting ETH-pilled.” BitMine, he said, intends to grow its ETH-per-share ratio through a combination of reinvested operating cash flows, capital markets activity, and staking yields, while strategically navigating market volatility to lower its cost of capital.
Moreover, the company’s strategy draws deliberate parallels to the Bitcoin playbook pioneered by MicroStrategy. As Lee explained, significant crypto holdings can create a “sovereign put” effect where nation-states or large institutions may view such treasuries as attractive strategic reserves.
🚨 Ethereum Adoption Surging:
Publicly traded Bitmine Immersion recently added $500M in $ETH to its treasury, while BTCS Inc. added 14,522 #Ethereum worth $44.15M to its balance sheet! 🔥 pic.twitter.com/iAkRCrQJgG
— Anup Dhungana (@CryptoAnup) July 15, 2025
This move also aligns with a broader industry trend. As tokenization, on-chain finance, and institutional staking gain traction, more public firms are turning to Ethereum as the infrastructure layer of choice. Even Robinhood CEO Vlad Tenev recently emphasized that “tokenization is the greatest capital markets innovation since the central limit order book.”
BitMine’s $250 million Ethereum treasury strategy, now fully in motion, is backed by top-tier crypto investors and aims to solidify the firm’s role as a major corporate holder of ETH. In doing so, it not only strengthens its balance sheet but also signals a wider institutional shift toward long-term exposure to Ethereum’s expanding financial ecosystem.
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