Tom Lee’s BitMine Raises $365M to Grow Ethereum Treasury – 22/9/2025
BitMine Immersion Technologies (BMNR), chaired by Tom Lee, has raised $365 million in a premium stock sale to expand its Ethereum holdings, highlighting strong institutional demand for ether exposure through public markets.
The company’s treasury, valued at $11.4 billion as of Sept. 21, includes 2,416,054 ETH (around 2% of total supply), 192 BTC, $345 million in cash, and a $175 million equity stake in Eightco Holdings. This makes BitMine the largest publicly traded holder of Ethereum and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy Inc. (MSTR).
Lee, who also serves as head of research at Fundstrat and CIO at Fundstrat Capital, said BitMine is pursuing the “alchemy of 5%,” aiming to control 5% of Ethereum’s supply. “Wall Street and AI moving onto the blockchain will drive a transformation of the financial system, and much of this is happening on Ethereum,” he said.
The fundraising involves 5.2 million common shares at $70 each — roughly 14% above BMNR’s Sept. 19 close — plus warrants for up to 10.4 million additional shares at $87.50. The primary offering is expected to raise $365 million, with potential total proceeds, including warrants, of around $1.28 billion.
Lee said the proceeds will be used to grow BitMine’s ETH holdings, calling the premium pricing “materially accretive” to shareholders. The company noted that strong institutional interest reflects growing adoption of Ethereum as Wall Street integrates blockchain technology into financial infrastructure.
As of 11:13 a.m. ET, BMNR shares were trading around $55.79, down 9% on the day, according to Google Finance.
