BitMine Immersion Technologies (NYSE AMERICAN: BMNR), a company focused on accumulating cryptocurrency for long-term investment, has announced that its Ethereum (ETH) holdings have surpassed 2% of the total ETH supply. As of September 21, 2025, the company's crypto, cash, and investment holdings reached $11.4 billion. This includes 2,416,054 ETH tokens valued at approximately $10.9 billion (at $4,497 per ETH), 192 Bitcoin (BTC), a $175 million stake in Eightco Holdings (NASDAQ:ORBS), and $345 million in unencumbered cash.
BitMine describes itself as a Bitcoin and Ethereum Network Company. The company operates Bitcoin mining facilities in Trinidad and Texas. BitMine's crypto holdings are the largest Ethereum treasury and the second-largest global treasury, behind Strategy Inc., which holds 638,460 BTC valued at $74 billion.
Thomas Lee, Chairman of BitMine, stated that the company's ETH holdings now exceed 2% of the supply as they move towards their "Alchemy of 5%" goal. The "Alchemy of 5%" refers to BitMine's strategic goal of acquiring 5% of the total ETH supply. Lee noted that BitMine's share price rose from $38 in early August, when holdings approached 1% of ETH supply, to over $61 as holdings exceeded 2%.
In a separate announcement, BitMine revealed that it has entered into a securities purchase agreement with an institutional investor for a registered direct offering of 5,217,715 shares of its common stock at a price of $70.00 per share. The offering also includes warrants to purchase up to 10,435,430 shares of common stock at an exercise price of $87.50 per share. The gross proceeds from the offering are expected to be approximately $365.24 million before deducting placement agent fees and other expenses. If all warrants are exercised for cash, the company could receive additional proceeds of approximately $913 million. The offering is expected to close on or about September 23, 2025, subject to customary closing conditions.
BitMine intends to use the net proceeds from the offering primarily to increase its ETH holdings. Thomas Lee stated that selling shares at a 14% premium to Friday's close is materially accretive to existing shareholders, as the primary use of proceeds is to add to the company's ETH holdings. He also noted that the 14% premium reflects strong institutional investor interest in BitMine and confidence in the company's execution. According to Lee, institutional investors have stated that BitMine remains the only large-cap U.S. stock to give investors direct exposure to Ethereum.
BitMine's strategy of accumulating a significant portion of the ETH supply has drawn attention from the crypto community, with some comparing it to MicroStrategy's Bitcoin accumulation strategy. The company's aggressive ETH accumulation is part of a broader trend where public companies and institutional investors are increasingly adding cryptocurrency to their balance sheets. BitMine's institutional investors include ARK's Cathie Wood, Founders Fund, Pantera, and Galaxy Digital.
