BitMine Immersion Technologies (NYSE AMERICAN: BMNR), a company traditionally focused on Bitcoin mining, has made significant strides in its pivot towards Ethereum by announcing Ethereum (ETH) holdings exceeding $1 billion as of July 17, 2025.
This milestone was reached just days after closing a $250 million private placement on July 8, which funded the acceleration of their Ethereum treasury strategy.
The Company now holds approximately 300,657 ETH, valued at about $3,461.89 per ETH according to Bloomberg data. This sizable Ethereum position places BitMine among the largest public holders of ETH, aiming to acquire and stake 5% of the total ETH supply to both bolster its treasury and contribute to the Ethereum ecosystem’s growth and security.
Thomas “Tom” Lee, founder of Fundstrat and newly appointed Chairman of BitMine’s Board, emphasized the company’s strategic vision:
“We believe that accumulating a meaningful portion of the Ethereum supply creates a virtuous cycle, enhancing Ethereum’s economic security and fostering increased institutional participation and demand for ETH.”
Lee compared this approach to the significant Bitcoin holdings of companies like MicroStrategy, which he described as creating a “sovereign put” for institutional investors.
JUST IN: 🇺🇸 Publicly traded BitMine Immersion now holds $1 billion of $ETH in its treasury. pic.twitter.com/1I7BcUaqXk
— Whale Insider (@WhaleInsider) July 17, 2025
BitMine’s Ethereum treasury strategy involves increasing ETH held per share through reinvestment of company cash flows, capital markets activities to optimize cost of capital amid volatility, and earning staking yields. CEO Jonathan Bates added,
“Acquiring $1 billion of ETH signals our conviction in Ethereum’s long-term value. We are committed to advancing our ETH treasury strategy as we transform BitMine into a leading digital asset platform.”
Previously, BitMine announced the closing of the $250 million private placement, which attracted prominent investors such as Founders Fund, Pantera, and Galaxy Digital, among others, underscoring the growing convergence between traditional finance and crypto markets. This capital injection was specifically intended to expand BitMine’s ETH reserves, establishing ETH as the company’s primary treasury reserve asset.
Impressively, Billionaire Peter Thiel’s Founders Fund bought 5.09 million shares (9.1%) of BitMine Immersion Technologies, causing a sharp after-hours stock surge on Tuesday.
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