BitMine Immersion Technologies, a crypto treasury company focused on Bitcoin and Ether, said it controls more than 2% of Ether’s total supply after amassing 2.4 million ETH. The company disclosed on Monday that its Ether (ETH) holdings are valued at about $10.1 billion, making it the largest corporate ETH treasury worldwide. It also announced a new fundraising initiative aimed at pushing its reserves even higher.
BitMine reported that it acquired ETH at an average price of nearly $4,500, about 7.25% above the current market price of $4,200.
According to Strategic ETH Reserve data, BitMine is currently the world’s top corporate Ether treasury. SharpLink Gaming, an ETH treasury led by an Ethereum co-founder, takes the silver medal, with 838,150 ETH on its balance sheet.
BitMine’s total assets, combining equity, cash and crypto holdings, now stand at $11.4 billion. The portfolio places BitMine among the top crypto treasury companies, led by Strategy, with 639,835 Bitcoin worth over $74 billion as of Monday.
BitMine said Monday it sold about 5.22 million shares at $70 each, a 14% premium to its Sept. 19 closing price of $61.29, alongside 10.4 million warrants exercisable at $87.50. The deal raised roughly $365 million in immediate proceeds, with the warrants offering the potential for another $913 million if exercised in full.
BitMine Chairman Tom Lee framed the premium pricing as a sign of institutional confidence, noting that the funds will be directed toward expanding the company’s Ether reserves.
“The convergence of both Wall Street moving onto the blockchain and AI/ agentic-AI creating a token economy is creating a supercycle for Ethereum,” Leed said Monday.
The fundraising follows a $200 million ETH purchase earlier in September, when BitMine added 46,255 ETH to its balance sheet, shortly after disclosing another $65 million buy and holding 1.5% of all Ether supply on Sept. 2.
BitMine is clearly attracting attention, with Cathie Wood’s ARK Invest acquiring 101,950 shares in the company earlier in September.
Recent reports also indicate that public companies are raising hundreds of millions of dollars in capital for cryptocurrency strategies, further solidifying the idea that such propositions attract investor interest.
