Tom Lee’s BitMine Raises $365M to Expand ETH Treasury – 22/9/2025

BitMine Immersion Technologies (BMNR), chaired by Tom Lee, has raised $365 million through a premium stock sale to expand its Ethereum holdings, underscoring strong investor appetite for ether exposure via public markets.

The company disclosed it now controls 2,416,054 ETH — roughly 2% of the total supply — alongside 192 BTC, $345 million in cash, and a $175 million equity stake in Eightco Holdings. The treasury, valued at $11.4 billion as of Sept. 21, positions BitMine as the world’s largest publicly traded ether holder and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy Inc. (MSTR).

Lee, also head of research at Fundstrat and CIO of Fundstrat Capital, said the firm is pursuing what he calls the “alchemy of 5%,” aiming to accumulate 5% of the total ETH supply. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum,” he said.

The fundraising came via a securities purchase agreement with an institutional investor covering 5.2 million shares of common stock at $70 each — about 14% above BMNR’s Sept. 19 close — along with warrants for up to 10.4 million additional shares at $87.50. The offering is expected to generate $365 million in gross proceeds, with the warrants potentially raising another $913 million, for total potential proceeds of approximately $1.28 billion.

Lee said the funds will primarily be used to expand BitMine’s ETH holdings, describing the premium pricing as “materially accretive” for existing shareholders. The company noted that strong institutional demand reflects growing interest in Ethereum as Wall Street increasingly integrates blockchain into financial infrastructure.

As of 11:13 a.m. ET, BMNR shares were trading around $55.79, down 9% on the day, according to Google Finance.