Tom Lee’s BitMine Raises $365M to Expand Ethereum Treasury – 22/9/2025
BitMine Immersion Technologies (BMNR), chaired by Tom Lee, has secured $365 million through a premium stock sale to grow its Ethereum (ETH) holdings, signaling strong investor appetite for public-market exposure to the cryptocurrency.
As of Sept. 21, BitMine’s treasury is valued at $11.4 billion, comprising 2,416,054 ETH (about 2% of total supply), 192 BTC, $345 million in cash, and a $175 million equity stake in Eightco Holdings. The company is the largest publicly traded ETH holder and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy Inc. (MSTR).
Lee, also head of research at Fundstrat and CIO at Fundstrat Capital, said BitMine is pursuing its “alchemy of 5%” plan, aiming to control 5% of Ethereum’s total supply. “Wall Street and AI moving onto the blockchain will transform the financial system, much of which is happening on Ethereum,” he said.
The offering included 5.2 million common shares at $70 each — roughly 14% above BMNR’s Sept. 19 close — along with warrants for up to 10.4 million additional shares at $87.50. Total proceeds could reach $1.28 billion if all warrants are exercised.
Lee said the funds will primarily be used to expand BitMine’s ETH holdings, describing the premium pricing as “materially accretive” to shareholders. The company noted that strong institutional interest reflects growing adoption of Ethereum as Wall Street increasingly integrates blockchain into financial infrastructure.
BMNR shares were trading around $55.79 as of 11:13 a.m. ET, down 9% on the day, according to Google Finance.
