BitMine Immersion Technologies, known for its Bitcoin mining activities, has announced a significant pivot to Ethereum investments, stating that its ETH assets have surpassed $1 billion.
Discussion on Ethereum Strategy
As of July 17, 2025, BitMine holds approximately 300,657 ETH valued at about $3,461.89 per ETH. This position places the company among the largest public holders of Ethereum, with aims to acquire and stake 5% of the total ETH supply to bolster its treasury and contribute to Ethereum's growth.
Funding and Investments
The closure of a $250 million private placement on July 8, 2025, has helped finance the Ethereum strategy. Notable investors include top funds such as Founders Fund and Pantera, highlighting the growing convergence between traditional finance and the crypto market.
Comments from Founder and CEO
Thomas 'Tom' Lee, founder of Fundstrat and newly appointed Chairman of BitMine, emphasized that ‘accumulating a meaningful portion of the Ethereum supply creates a virtuous cycle, enhancing Ethereum's economic security and fostering increased institutional participation.’ CEO Jonathan Bates added that ‘acquiring $1 billion of ETH signals our conviction in Ethereum’s long-term value.’
Overall, BitMine Immersion's move towards an Ethereum strategy and its significant asset accumulation in this cryptocurrency underscore current market trends and the growing potential in digital assets.
