BitMine Buys 110,000 More ETH, Strengthening $12.5B Ethereum Treasury

BitMine Immersion Technologies is doubling down on its Ethereum accumulation strategy, purchasing another 110,288 ETH in its latest buying round and marking a 34% increase in weekly purchases compared to the week prior. 

The company’s aggressive expansion makes it the largest corporate holder of Ethereum globally — a position it appears determined to strengthen even further.

A Growing Ethereum Empire

The latest acquisition brings BitMine’s total holdings to 3,505,723 ETH, purchased at an average price of $3,639 per token. At current market prices of around $3,561 per ETH, the firm’s vast digital treasury is valued at approximately $12.5 billion.

BitMine, which started as a cryptocurrency mining operation, has since transformed into one of the leading digital asset holding firms. Its latest move signals that it remains firmly committed to Ethereum despite the recent market downturn. The company’s chairman, Tom Lee, said in the announcement that the recent price weakness presented an “attractive opportunity” to expand holdings at favorable levels.

“To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors,” Lee said. “This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade.”

Aiming for 5% of Ethereum’s Total Supply

BitMine has made it clear that its long-term goal is to own 5% of Ethereum’s total circulating supply of 120,696,594 ETH. The latest purchase brings the company’s ownership to 2.9% of that figure — a milestone that solidifies its position not just as a major investor, but as a strategic player betting on Ethereum’s long-term role in global finance.

The firm’s consistent accumulation strategy mirrors that of major Bitcoin corporate treasuries, such as Strategy’s (formerly MicroStrategy) Bitcoin acquisition model. But while those companies have primarily focused on Bitcoin as a digital store of value, BitMine’s approach revolves around Ethereum’s broader utility as a platform for tokenization and decentralized finance (DeFi).

Lee’s remarks point to a strategic belief that Ethereum’s role in asset tokenization — from real estate to equities — will drive institutional adoption in the years ahead, especially as traditional financial markets explore blockchain integration.

Market Context: A Price Dip Amid Bullish Long-Term Bets

Despite BitMine’s optimism, Ethereum’s price performance in recent weeks has been less encouraging. ETH has fallen by 13.4% over the past two weeks and 4.7% over the last 30 days. The decline has put BitMine’s massive holdings temporarily in the red, though Lee remains unfazed.

ETH price performance over last 3 months (Source: CoinGecko)

As of Monday, Ethereum trades at $3,561 — meaning it would need to surge roughly 180% by year-end to reach Lee’s prediction of between $10,000 and $12,000 by the end of 2025. 

While ambitious, the forecast aligns with growing institutional enthusiasm around Ethereum-based products, such as spot ETFs and tokenized real-world assets, which are gaining momentum in both U.S. and international markets.

Lee, who also co-founded the financial research firm Fundstrat, has long been known for his bullish outlook on digital assets. His confidence in Ethereum’s “super cycle” narrative reflects expectations that broader blockchain adoption, particularly by traditional finance, could drive demand for ETH as the underlying fuel of tokenized ecosystems.

BitMine’s Transformation and Market Performance

BitMine’s evolution from a mining operation into a major treasury management firm marks one of the more striking success stories in the crypto industry this year. Initially focused on energy-efficient mining through immersion cooling technology, the company pivoted toward long-term Ethereum accumulation amid the growing narrative of digital asset treasuries as a hedge against inflation and fiat volatility.

The market has rewarded this strategic shift handsomely. BitMine’s stock (BMNR) has surged more than 400% year-to-date, trading at $41.15 as of the latest session. The rally reflects investor enthusiasm for the company’s aggressive digital asset strategy, which has outperformed most of the traditional crypto sector in 2025.

BitMine share price year-to-date gains (Source: Google Finance)

Analysts attribute part of this surge to investor belief that BitMine is positioning itself at the intersection of institutional finance and blockchain infrastructure — a space expected to expand dramatically over the next decade. 

As tokenization moves from pilot projects to full-scale financial products, firms like BitMine that hold substantial Ethereum reserves could be among the biggest beneficiaries.

The Broader Picture: Ethereum’s Institutional Moment

BitMine’s buying spree comes amid renewed institutional attention toward Ethereum. 

In recent months, Wall Street firms have accelerated efforts to experiment with tokenized financial products built on blockchain infrastructure, including bond issuances, money market funds, and settlement systems.

This growing institutional appetite has driven many companies to reconsider their treasury diversification strategies. For BitMine, Ethereum is not merely an investment asset but the foundation of what Lee describes as “the next major capital market infrastructure.”

Still, volatility remains an unavoidable part of the crypto landscape. Ethereum’s gas fees recently dropped to just 0.067 gwei amid a network slowdown — a sign of declining on-chain activity in the short term. However, lower fees could encourage new on-chain activity, especially for tokenization projects and DeFi protocols seeking cost efficiency.

Outlook

While BitMine’s current Ethereum holdings are temporarily under water, the company appears unfazed by short-term market swings. Its continued accumulation suggests a conviction that Ethereum’s long-term trajectory remains bullish — particularly as real-world asset tokenization and institutional staking adoption gain momentum.

Whether Ethereum reaches Lee’s $10,000–$12,000 prediction by the end of 2025 remains uncertain, but BitMine’s steady accumulation reinforces a broader market narrative: institutional players are no longer speculating on crypto from the sidelines — they are actively building positions for the next decade of blockchain-driven finance.