BitMine Immersion Technologies Expands Ether Reserves, Holding Over 2% of Total Supply
BitMine Immersion Technologies, a crypto treasury firm specializing in Bitcoin and Ether, has announced that it now controls over 2% of Ether’s total supply after accumulating 2.4 million ETH.
BitMine’s Ether Holdings and Fundraising Initiatives
On Monday, the company revealed that its Ether (ETH) holdings are valued at around $10.1 billion, making it the world’s largest corporate ETH treasury. BitMine also introduced a new fundraising effort aimed at increasing its reserves further.
The firm disclosed that it acquired ETH at an average price close to $4,500, which is about 7.25% higher than the current market price of $4,200.
As per Strategic ETH Reserve data, BitMine is ranked as the global leader in corporate Ether treasuries. SharpLink Gaming, which is led by an Ethereum co-founder, comes in second place with 838,150 ETH on its balance sheet.
BitMine’s total assets now combine equity, cash, and crypto holdings, amounting to $11.4 billion. This positions BitMine among the leading crypto treasury companies, with Strategy at the forefront, holding 639,835 Bitcoin (BTC), valued at over $74 billion as of Monday.
On the same day, BitMine mentioned it sold approximately 5.22 million shares at $70 each, reflecting a 14% premium over its September 19 closing price of $61.29, while also issuing 10.4 million warrants exercisable at $87.50. This transaction brought in about $365 million in immediate proceeds, with the warrants presenting an opportunity for an additional $913 million if fully exercised.
BitMine’s Chairman, Thomas Lee, characterized the premium pricing as indicative of institutional confidence, stating that the funds will be allocated toward enlarging the company’s Ether reserves. “The convergence of both Wall Street moving onto the blockchain and AI/agentic-AI creating a token economy is creating a supercycle for Ethereum,” Lee remarked on Monday.
This fundraising effort comes on the heels of a $200 million ETH acquisition earlier in September, during which BitMine added 46,255 ETH to its portfolio, shortly after revealing an additional $65 million purchase, reaching 1.5% of the total Ether supply on September 2.
BitMine is evidently drawing interest, as evidenced by Cathie Wood’s ARK Invest acquiring 101,950 shares of the company earlier in September.
Recent reports also suggest that public companies are raising hundreds of millions of dollars in capital for cryptocurrency strategies, reinforcing the notion that these types of investments are attracting considerable investor interest.
