BitMine Immersion Technologies (NASDAQ: BMNR), led by Fundstrat co-founder Tom Lee, has significantly increased its Ethereum (ETH) holdings with a massive $250 million purchase this week. This latest acquisition, confirmed by Arkham Intelligence, saw the company buy ETH from BitGo and Kraken exchanges following a major market deleveraging event.
The move pushes BitMine's total ETH treasury to over 3.3 million tokens, valued at around $13 billion, which constitutes 2.74% of Ethereum's total supply. The company's stated long-term goal is an ambitious 5% ownership of all ETH in circulation, positioning it as the leading corporate holder in the Ethereum ecosystem.
Lee justified the timing, noting that Ethereum's open interest has reset to levels seen when the price was near $2,500, calling the current environment an "attractive risk/reward" setup ahead of an "expected Supercycle."
Lee remains extremely bullish on the cryptocurrency, recently reaffirming his prediction that ETH could hit $10,000 before the end of 2025—a roughly 150% increase from its current price near $3,937. He cites growing on-chain activity and the deflationary staking model as key drivers.
BitMine's aggressive strategy has been a boon for its stock, BMNR, which surged nearly 8% on Monday to close at $53.80 and has seen a staggering 691% increase over the past six months. Lee attributes this to growing institutional demand drawn to the company's liquidity and transparency.
BitMine is now the undisputed largest corporate ETH holder, owning nearly four times as much as the next largest publicly traded company, SharpLink Gaming. The company's dominance highlights a broader trend where institutional investors increasingly view Ethereum as the foundational layer for Web3 and decentralized finance (DeFi).
While the strategy is risky given Ethereum's volatility, Lee views the recent price dips as a prime opportunity for accumulation, arguing that deleveraging events often precede new institutional entry. BitMine's continued buying spree sends a clear signal of strong, long-term institutional conviction in Ethereum.
October 2025, Cryptoniteuae