BitMine Bets Big on Ethereum with $250M Buying Spree
BitMine Immersion Technologies (NASDAQ: BMNR), chaired by market analyst and Fundstrat co-founder Tom Lee, has doubled down on its Ethereum (ETH) strategy with a massive $250 million purchase this week.
The acquisition, confirmed through blockchain analytics platform Arkham Intelligence, saw BitMine scoop up ETH from exchanges BitGo and Kraken following one of the most significant market deleveraging events of the year.
Lee explained the rationale behind the move in a statement, noting that open interest for ETH has returned to the same levels seen on June 30, when the cryptocurrency traded near $2,500. He called the current market environment an “attractive risk/reward†setup given the “expected Supercycle for Ethereum.â€
Building Toward a 5% Ownership of Ethereum’s Supply
Following this latest accumulation, BitMine now holds over 3.3 million ETH—valued at approximately $13 billion—representing about 2.74% of Ethereum’s total supply.
The company has made it clear that its long-term goal is to control 5% of all ETH in circulation, positioning itself as the dominant corporate force in the Ethereum ecosystem.
This aggressive strategy signals BitMine’s conviction that Ethereum will play a central role in the future of decentralized finance, tokenization, and digital infrastructure. Lee’s bullish outlook aligns with his broader belief that Ethereum, not Bitcoin, could eventually anchor the next generation of digital asset treasuries.
Lee’s Bold $10,000 ETH Prediction
During an appearance on the Bankless podcast last week, Lee reaffirmed his prediction that ETH could hit $10,000 before the end of the year—a 150% increase from its current price near $3,937.
ETH price chart (Source: CoinMarketCap)
Despite less than three months remaining in 2025, Lee remains confident in his target, citing Ethereum’s growing dominance in on-chain activity and the deflationary impact of its staking model.
Institutional Interest Pushes BitMine Stock Higher
BitMine’s aggressive Ethereum accumulation has also been a boon for its shareholders. The company’s stock (BMNR) surged nearly 8% on Monday to close at $53.80, marking a staggering 691% increase over the past six months. Lee attributed the performance to growing institutional demand, saying that BitMine’s liquidity and transparency have made it one of the most attractive digital asset treasury companies in the world.
BitMine share price (Source: Google Finance)
“BitMine continues to attract institutional investor capital as our high liquidity is appealing,†Lee said, noting that BitMine and Michael Saylor’s Strategy now account for 88% of all global DAT trading volume.
The Largest Ethereum Treasury Company
BitMine’s dominance in Ethereum holdings places it far ahead of other publicly traded companies. The next largest corporate ETH holder, SharpLink Gaming, owns roughly 840,000 tokens—less than one-third of BitMine’s total. According to data from StrategicETHReserves, publicly disclosed corporate treasuries now collectively hold about 5.74 million ETH, representing nearly 4.75% of the total supply.
This accumulation trend shows the growing appeal of Ethereum among institutional investors, many of whom view it as the foundational layer for Web3 applications and decentralized finance.
A Calculated Bet Amid Volatility
BitMine’s strategy is not without risk. Ethereum remains a volatile asset, and achieving Lee’s $10,000 target would require a sharp and sustained rally in a relatively short period.
Yet, Lee appears unfazed. He sees the recent price dislocation as a rare opportunity for accumulation, arguing that deleveraging events often mark the transition between speculative excess and new institutional entry points.
As BitMine continues to expand its holdings, it has cemented itself as the most influential corporate player in the Ethereum market.
The company’s ambition to own 5% of ETH’s total supply represents a bold bet on the future of decentralized infrastructure. Whether this move proves visionary or risky will depend largely on how the broader crypto market evolves in the months ahead.
For now, BitMine’s aggressive buying spree sends a clear message: institutional conviction in Ethereum’s long-term potential remains strong, even amid market uncertainty.
