BitMine Immersion Technologies Boosts Ethereum Holdings
BitMine Immersion Technologies purchased 110,288 Ethereum tokens worth nearly $400 million last week, bringing total holdings above 3.5 million tokens as the firm now controls 2.9% of Ethereum's supply. The Wall Street strategist Thomas Lee-led company announced Monday it maintains $398 million in unencumbered cash for additional purchases.
Chairman Lee, who heads research firm Fundstrat, called the recent Ethereum price dip an attractive buying opportunity. BitMine acquired 34% more Ethereum last week than the prior week, contrasting sharply with most digital asset treasury firms that stopped buying as their stock prices tumbled below net asset value of underlying crypto holdings.
Market Reaction and BitMine's Position
BitMine shares jumped over 5% to $42.40 on Monday morning while Ethereum rallied to $3,600, up 6% from Friday. The buying spree occurred despite Ethereum declining nearly 15% over two weeks and BitMine's own stock falling over 30% since early October.
The company added approximately 675,000 Ethereum to its balance sheet, worth over $2.4 billion at current prices. BitMine holds the second-largest crypto treasury at $13.2 billion in total holdings, trailing only Michael Saylor's Strategy, with a portfolio including 192 Bitcoin worth $20.2 million alongside its massive Ethereum position.
Institutional Interest and Future Outlook
Lee emphasized growing institutional interest following a recent NYSE summit with financial institutions co-hosted by BitMine and the Ethereum Foundation. He stated Wall Street shows clear interest in tokenizing assets onto the blockchain to create transparency and unlock new value for issuers and investors.
BitMine ranks as the world's top Ethereum treasury, significantly outpacing runner-up SharpLink Gaming's $3 billion holdings. The firm is progressing toward its goal of acquiring 5% of Ethereum total supply.
Lee described Ethereum as a super cycle story over the next decade. His thesis centers on institutional adoption of blockchain for asset tokenization driving sustained demand for the network's native token, supporting continued accumulation despite near-term cryptocurrency market fluctuations.