Bitmine Reported Purchase of 27,562 ETH
Bitmine Immersion Technologies (formerly known as Protean Electric) (NYSE: BMNR) announced a purchase of 27,562 ETH last week. Bitmine released the announcement on September 21, disclosing that the purchase increased the company’s total ETH holdings to 5,983,940 ETH.
Total holdings of ETH by Bitmine, at the company’s reference price of $2,688 per ETH on September 20, is approximately $16.1 billion.
Bitmine stated that its strategy of purchasing ETH on a weekly basis, started on June 30, 2025. The company also stated it intends to acquire a position that represents 5% of the total issued and outstanding supply of ETH. According to The Block, Bitmine is in possession of approximately 4.9% of the total supply of ETH.
Because of the size of Bitmine’s ETH strategy, the company’s focus on Crypto treasury is considered to be one of the largest Crypto focused treasury strategies by a public company. Bitmine stated that it holds ETH and other Digital Assets including Bitcoin. (PR Newswire)
Bitmine disclosed holdings of Crypto, Cash, and Securities totaling more than $17 Billion.
Bitmine has a variety of other liquid assets totaling $714 million in cash and securities, a 21% stake in Beast Industries, and a 10% stake in Eightco Holdings.
Having a diverse asset base allows Bitmine to implement its treasury strategy, which may include holding Ethereum, and making other related investment bets.
As of July 2022, Bitmine had 5.98 million Ethereum of which it staked 5,067,309 representing 85% of its total Ethereum holdings. Bitmine estimates its staked position is worth approximately $13.6 billion.
The estimate was based on Ethereum’s (and therefore, Bitmine’s staked position’s) value of $2,688. According to Bitmine, its staking operations provide an annualized revenue of $357 million. Based on ETH staking rewards, Bitmine projects its staking operations would generate $421 million on an annualized basis.
Tom Lee is the Chairman of Bitmine and has stated that Bitmine believes the 2022 crypto market transitioned to a bull market in June. According to Lee, multiple factors contributed to the shift including a shift in investor sentiment away from Artificial Intelligence, and the changing market cycles for Crypto and Tokenization.
Lee also cited improved performance of Ethereum during the third quarter as a reason for his bullish outlook. As of September 21, according to Bitmine, ETH performance was outperforming the S&P 500 by 6519 basis points, quarter-to-date. Lee stated that outperformance like this might foreshadow stronger performance by ETH in the fourth quarter.
Lee believes that as of this year, institutions have had very little exposure to the crypto market. He attributes this to AI stocks being the higher performers earlier this year. Lee believes exposure to the crypto market by institutions is likely in the fourth quarter, but this is more of a personal belief of his as to what will happen in the market.
Combining Lee’s belief of an overall bullish market toward the end of this year, as well as the recent major purchase of Ethereum by Bitmine, gives some validity to the assumption that the Ethereum network is undergoing a major shake-up.
In addition to the major purchase, Bitmine has stated that over the last several months, there has been a notable increase in corporations buying Ethereum, as well as an increase in corporations taking Ethereum staking positions. According to Bitmine, approximately 6 million ETH are staked by institutions.
