BitMine Immersion, the Nasdaq-listed company linked with Tom Lee, has enlarged its BitMine Ethereum Treasury to roughly 2,151,676 ETH. The BitMine Ethereum Treasury now holds about $9.7 billion in ETH, making BitMine Immersion the largest corporate holder of Ethereum as of September 2025. Who executed the purchases? BitMine management and supportive institutional investors. What changed in May 2025? The company pivoted capital-raising toward ETH accumulation. Where does this sit? On a Nasdaq-listed balance sheet in the US regulatory context. Why did BitMine act? To capture long-term upside from Ethereum’s token economy and AI-driven use cases. How did it buy? By raising funds and converting part of the corporate treasury into ETH.
The move
BitMine’s strategy resembles a corporate treasury playbook long used in crypto. The BitMine Ethereum Treasury strategy involves targeted fundraising and bulk acquisitions. Tom Lee framed the shift as a macro trade on Ethereum’s fundamentals and institutional adoption.
Scale and timing
At roughly 2.15 million ETH, the BitMine Ethereum Treasury aims for a multi-billion dollar stake. The May 2025 pivot accelerated buys and increased visibility among institutional investors. The company still holds Bitcoin, cash, and other digital assets alongside ETH holdings.
Why Ethereum
Investors cite staking, DeFi growth, and on-chain utility as drivers. This ties to broader themes like staking and ETF flows on Ethereum. For context on institutional demand and staking dynamics, see Ethereum price cycle: staking, etf inflows and institutional demand. The BitMine Ethereum Treasury thesis also intersects with AI agent interoperability and token innovation discussed by the ecosystem; read Ethereum Foundation dAI initiative sets ERC-8004 roadmap for interoperable AI agents.
Market signal
A Nasdaq-listed firm moving billions into ETH signals growing comfort from institutional investors. The BitMine Ethereum Treasury may prompt peers to reconsider asset allocation. Market watchers will track stock reaction and on-chain flows.
Bottom line
BitMine’s accumulation highlights how corporate treasury strategies are evolving beyond Bitcoin. The BitMine Ethereum Treasury is both a balance-sheet decision and a market signal for crypto adoption.
Frequently asked questions about BitMine Ethereum Treasury (FAQ)
Who controls the BitMine Ethereum Treasury?
BitMine Immersion’s management oversees the treasury, with public filings indicating the purchases and strategy.
How much ETH does the BitMine Ethereum Treasury hold?
About 2,151,676 ETH, valued near $9.7 billion as of September 2025.
Why did BitMine shift in May 2025?
The May 2025 pivot focused on raising capital to buy ETH due to institutional interest and long-term macro views.
Sources to this article
BlockAI (2025) ‘Ethereum price cycle: staking, etf inflows and institutional demand’, DeFiDonkey. Available at: https://defidonkey.com/en/ethereum-news/ethereum-price-cycle-staking-etf-inflows/ (Accessed: September 2025).
BlockAI (2025) ‘Ethereum Foundation dAI initiative sets ERC-8004 roadmap for interoperable AI agents’, DeFiDonkey. Available at: https://defidonkey.com/en/ethereum-news/ethereum-foundation-dai-initiative-erc-8004-ai/ (Accessed: September 2025).
