BitMine Immersion Technologies Surges 40% on $500M ETH Treasury Reveal

Shares of BitMine Immersion Technologies (BMNR), the ether-focused strategy firm led by Fundstrat’s Tom Lee, soared over 40% on Monday after disclosing significant holdings in ETH. The jump comes on the heels of a steep decline, as BMNR shares had tumbled 50% following a $2 billion at-the-market stock offering.

Based in Las Vegas, BitMine announced it now holds 163,142 ETH valued at approximately $500 million, doubling the $250 million it raised via private placement on July 9. The rapid move to convert cash into crypto echoes the approach of Strategy (MSTR), whose large bitcoin reserves have become a hallmark of its corporate identity.

Tom Lee drew parallels between BitMine’s ETH accumulation and Strategy’s bitcoin play, calling such crypto treasuries a potential “sovereign put.” He suggested that if a nation sought to acquire 5% of the bitcoin network, it could look to companies like Strategy as a vehicle for doing so. Similarly, Lee argued, ETH treasuries amassing 5% of the token’s supply could serve as a strategic financial instrument for institutional investors.

Monday’s rally lifted BMNR shares to around $4.88, though still off from $6.25 on July 10.

While bitcoin has gained about 29% so far this year, ether remains down roughly 9%.

Elsewhere in the market, bitcoin mining firm BTC Digital announced over the weekend that it had allocated $1 million of its cash reserves into ETH, referring to it as its new “digital gold.” According to Strategic ETH Reserve, total ether held in treasuries—including holdings by decentralized autonomous organizations (DAOs) and publicly traded firms—now sits at 1.5 million ETH.