BitMine’s Ethereum Holdings Surpass $2B, Accelerating Push Toward 5% Supply Target
BitMine Immersion Technologies (Nasdaq: BMNR) announced Thursday that its ether (ETH) holdings have exceeded $2 billion, marking a major step toward the company’s goal of acquiring 5% of Ethereum’s total supply. The milestone comes just 16 days after BitMine closed a $250 million private placement to support its ETH-focused treasury strategy.
According to the company, BitMine has acquired 566,776 ETH at an average cost of $3,643.75. The accumulation is part of the firm’s broader strategy to combine direct ETH purchases with staking and capital markets activity to enhance returns.
“We crossed $2 billion in ETH holdings less than three weeks after raising fresh capital,” said Chairman Tom Lee, who also serves as Head of Research at Fundstrat. CEO Jonathan Bates emphasized the firm’s focus on growing ETH-per-share value through staking rewards and dynamic treasury management.
Describing its approach as “asset-light,” BitMine leverages both internal cash flow and outside capital to expand its ETH position while maintaining operational flexibility.
The company also revealed that options on its Nasdaq-listed shares (BMNR) began trading on the NYSE Options Market this week. These contracts, which offer multiple expirations and strike prices, are aimed at enhancing investor access and trading liquidity. “This represents a key milestone for us,” said Lee, pointing to increased investor engagement around BitMine’s ETH strategy.
Momentum for ether exposure among institutions is also accelerating. Bloomberg ETF analyst Eric Balchunas noted that BlackRock’s iShares Ethereum Trust (ETHA) reached $10 billion in assets under management just one year after launch—doubling from $5 billion in only 10 days. ETHA now ranks as the third-fastest ETF to hit the milestone, trailing only BlackRock’s IBIT and Fidelity’s FBTC.
BitMine shares surged as much as 15.7% intraday Thursday to $45.70 before pulling back to $42.64 by midday, still up nearly 8% on the session. The stock has been rallying in recent weeks amid rising interest in its ETH-heavy strategy.
Market Snapshot: Ether (ETH)
- Price: $3,755 (+4.1% in 24 hours)
- Weekly Performance: +9.2%
- 30-Day Gain: +54%
- Trading Range (Past 24 Hours): $3,511.41 – $3,666.09
- ETH found firm support near $3,530, with strong buying activity driving a sharp rebound early Thursday. Resistance remains near the $3,650 zone, according to CoinDesk Research.
