BitMine Buys the Dip, Adds 190K ETH to Reach $7.9B Holdings
BitMine Immersion Technologies (BMNR), led by Fundstrat’s Tom Lee, has solidified its position as the world’s largest Ethereum (ETH) treasury holder, amassing 1,713,899 ETH valued at approximately $7.9 billion as of Aug. 24, 2025.
BitMine ETH Holdings (Source: Strategic ETH Reserve)
The company acquired 190,526 ETH in the last week, capitalizing on a market dip that saw ETH prices fall to $4,600 from a recent high of $4,800, according to a statement on Aug. 25, 2025.
Combined with 192 Bitcoin (BTC) worth $22 million and $562 million in cash, the company’s total net asset value peaked at $8.82 billion during Ethereum’s recent price surge. This aggressive accumulation is a testament to BitMine’s bet on Ethereum’s role in decentralized finance and smart contracts.
Tom Lee, BitMine’s Chairman, attributes the company’s dominance to its fast-paced scaling, making the company the second-largest crypto treasury globally, behind only Strategy.
BMNR’s stock saw major trading activity last week, with daily volume reported at $2.8 billion, ranking it 20th among U.S. stocks, per a company press release.
BMNR Stock Price (Source: Yahoo Finance)
Following a 12% rally last Friday, BMNR shares dropped 2.6% in premarket trading, a testament to a strong but uneven investor demand.
BitMine’s Big Money Moves to Hold 5% of Ethereum
The company’s ETH accumulation is due to its massive fundraising efforts. The company holds $562 million in cash reserves, providing flexibility to purchase ETH during price dips, according to its Aug. 25, 2025 statement.
On Aug. 12, 2025, BitMine filed to raise up to $20 billion through stock sales, increasing its at-the-market equity program to $24.5 billion, with the funds specifically for ETH buying.
That follows a former $4.5 billion authorization, with support from prominent investors like ARK Invest and Peter Thiel.
BitMine’s goal is to own 5% of Ethereum’s 120 million token supply—approximately 6 million ETH—with its current 1.71 million ETH representing 1.43% of the total supply. The company’s fundraising strategy allows it to navigate Ethereum’s price volatility, buying tokens at lower average costs.
However, the strategy is not risk-free, with ETH’s recent dip below $4,500 showing the potential for valuation fluctuations. BitMine’s negative profitability metrics, including its -43.8% EBIT margin, reveal the financial pressure of its crypto-focused approach.
ETH Price Chart (Source: CoinMarketCap)
BitMine’s Plan to Lead the Crypto Charge, But at What Cost?
BitMine’s aggressive ETH accumulation has garnered attention across crypto and traditional markets, and it is a leader for institutional crypto investment.
Its stock’s high trading volume suggests investor enthusiasm, but the company’s heavy reliance on Ethereum exposes it to high risks.
A sustained ETH price decline could erode treasury value, and negative profitability metrics raise concerns about long-term sustainability. The $562 million cash reserve offers a cushion, but ongoing fundraising will be key to sustaining its acquisition pace.
BitMine’s future depends on Ethereum’s market performance and overall blockchain adoption.
