BitMine Immersion Technologies has deepened its commitment to Ethereum, adding another 110,288 ETH to its balance sheet in the past week.

The purchase, worth roughly $392 million at current market prices, brings BitMine’s total holdings to 3.5 million Ether, valued at approximately $12.5 billion.

The company, originally founded as a cryptocurrency mining operation, has since transformed into one of the largest institutional holders of digital assets. With this latest acquisition, BitMine now controls about 2.9% of Ethereum’s total circulating supply, moving closer to its declared goal of owning 5% of all ETH in existence.

Strategic buying amid volatility

Chairman Tom Lee, who also co-founded the market research firm Fundstrat Global Advisors, said the company viewed the recent decline in ETH prices as an ideal opportunity to expand its position.

“The recent pullback gave us an attractive entry point,” Tom Lee said in a statement.

Ethereum’s price has fallen more than 13% over the past two weeks, trading near $3,560 at the time of writing. BitMine’s purchases were made at an average cost of $3,639 per token, positioning the company slightly underwater for now.

But Lee appears unfazed.

“It’s becoming increasingly evident that Wall Street is turning to Ethereum’s network to tokenize real-world assets, bringing new transparency and efficiency to capital markets. That’s the foundation of our long-term thesis.”

His outlook for Ethereum remains firmly bullish, he’s previously suggested ETH could reach between $10,000 and $12,000 by the end of 2025, citing its growing role in institutional finance.

Bitmine Statement

Ethereum’s growing institutional role

Ethereum’s technology underpins much of the current movement toward tokenization, the process of issuing traditional assets such as bonds, funds, and real estate shares on a blockchain.

“Ethereum is evolving into the backbone of digital finance,” Lee added.

Financial heavyweights including BlackRock, JPMorgan, and Franklin Templeton have been experimenting with Ethereum-based tokenized products, a trend that could dramatically expand demand for the network’s native currency.

The firm views Ether as a long-term strategic asset, a stake in the infrastructure that may power the next phase of global finance. Its accumulation mirrors the strategy of MicroStrategy, which has become synonymous with corporate Bitcoin investment.

“Owning part of that ecosystem is like holding equity in the future of financial infrastructure.”

BitMine’s market performance

While Ethereum’s market price has softened, BitMine’s own shares have rallied strongly in 2025. The company’s stock, traded under the ticker BMNR, has gained over 400% year-to-date, climbing to $41.15. Investors appear to be treating BitMine as a proxy for Ethereum exposure, an indirect way to participate in ETH’s upside without holding the token itself.

BitMine’s transformation from a mining outfit to a blockchain treasury company illustrates how quickly corporate strategies in the digital asset space are evolving.

A long-term treasury play

BitMine’s latest Ether purchase isn’t an isolated event, it’s the latest step in a long-term strategy that’s been building momentum since mid-2025. Back in July, the firm made headlines after scooping up more than 566,000 ETH, a haul worth roughly $2 billion at the time.

That massive move instantly made BitMine the largest corporate holder of Ether, surpassing SharpLink Gaming’s 360,000 ETH reserve and even eclipsing the Ethereum Foundation’s own holdings.

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