LAS VEGAS – BitMine Immersion Technologies, Inc. (NYSE AMERICAN: BMNR), a company focused on Bitcoin and Ethereum network operations, announced today that its holdings of Ethereum (ETH) and ETH equivalents have surpassed $1 billion. This significant milestone comes just seven days after the company closed its initial $250 million private placement on July 8th, reflecting a rapid and aggressive execution of its Ethereum treasury strategy.
Rapid Accumulation and Strategic Goals
As of July 17, 2025, at 3:45 AM ET, BitMine’s ETH holdings totalled 300,657 ETH, valued at $3,461.89 per ETH (Bloomberg). This current total exceeds the initial $250 million private investment in public equity (PIPE) proceeds by over 300%, showcasing the company’s swift accumulation capabilities. Thomas “Tom” Lee of Fundstrat, Chairman of BitMine’s Board of Directors, expressed enthusiasm about this achievement. “We have surpassed $1 billion in Ethereum holdings, just seven days after closing on the initial $250 million private placement,” Lee stated. He added that the company is “well on our way to achieving our goal of acquiring and staking 5% of the overall ETH supply.”
BitMine’s strategy to increase ETH held per share involves a combination of reinvesting the company’s cash flows, engaging in capital markets activities (including using volatility to lower the cost of capital), and leveraging staking yield. Jonathan Bates, CEO of BitMine, reinforced the company’s conviction. “Acquiring $1 billion of ETH is a clear signal of our conviction in Ethereum’s long-term value,” Bates said. “We are committed to Ethereum’s continued growth and look forward to advancing our Ethereum treasury strategy.”
BitMine’s Role in the Crypto Ecosystem
BitMine Immersion Technologies positions itself as a Bitcoin and Ethereum network company with a primary focus on accumulating cryptocurrencies for long-term investment, whether through its Bitcoin mining operations or proceeds from capital-raising transactions. Beyond its core mining activities, BitMine offers synthetic Bitcoin mining, hashrate as a financial product, advisory and mining services to companies interested in earning Bitcoin-denominated revenues, and general Bitcoin advisory services to public companies. The company’s operations are strategically located in low-cost energy regions in Trinidad, Pecos, Texas, and Silverton, Texas.
The rapid scaling of BitMine’s Ethereum treasury strategy, led by prominent figures like Tom Lee, signifies a growing trend among publicly traded companies to strategically integrate digital assets into their balance sheets. This approach, drawing parallels to MicroStrategy’s successful Bitcoin accumulation model, aims to create a “Wall Street put” for Ethereum, similar to the “sovereign put” that has emerged for Bitcoin, where significant institutional holdings could imply a floor price due to sustained demand. By actively acquiring and potentially staking a large portion of the ETH supply, BitMine aims to not only enhance shareholder value but also contribute to the broader strengthening of the Ethereum ecosystem.
