BitMine’s ETH Holdings Top $2B as Firm Ramps Up Bid to Control 5% of Ether Supply
BitMine Immersion Technologies (Nasdaq: BMNR) has amassed over $2 billion worth of ether (ETH), just over two weeks after raising $250 million to accelerate its crypto treasury strategy. The company disclosed Thursday it has acquired 566,776 ETH at an average price of $3,643.75, moving closer to its target of holding 5% of Ethereum’s circulating supply.
Chairman Tom Lee, who also serves as Fundstrat’s head of research, called the milestone a major step in BitMine’s plan to merge institutional-scale ETH exposure with capital efficiency. CEO Jonathan Bates added that staking income and structured capital markets activity will be key to driving long-term value for shareholders.
BitMine’s “asset-light” strategy involves a mix of internally generated cash flow and external funding to scale its ETH accumulation while maintaining balance sheet flexibility.
In a related announcement, BitMine said options tied to its Nasdaq-listed stock (BMNR) are now trading on the NYSE Options Market. The new options offer various strike prices and expiries, giving investors additional tools to express views on the company’s growth trajectory. Lee called it a “pivotal moment” in expanding institutional access.
Meanwhile, interest in Ethereum continues to rise across broader markets. BlackRock’s iShares Ethereum Trust (ETHA) surpassed $10 billion in assets under management just one year after launch, according to Bloomberg ETF analyst Eric Balchunas. ETHA doubled its AUM in 10 days, trailing only BlackRock’s Bitcoin ETF (IBIT) and Fidelity’s FBTC in growth speed.
BitMine shares jumped as much as 15.7% to $45.70 in early Thursday trading before pulling back to $42.64. As of midday, the stock remained up 7.9% on the day, extending its multi-week rally.
Market Snapshot: Ether (ETH)
- Price: $3,755 (+4.1% 24H)
- Weekly gain: +9.2% | 30-day gain: +54%
- Trading range (July 23–24): $3,511–$3,666
- ETH bounced off support around $3,530 before consolidating near $3,600. Resistance appears near $3,650.
