BitMine Immersion Technologies has taken another major step in expanding its Ethereum treasury. The Nasdaq-listed firm, led by Tom Lee, purchased 14,618 ETH worth roughly $44.34 million, reinforcing its long-term conviction in Ethereum as a core business asset.
Blockchain analytics show the buy was executed through BitGo at an average price of about $3,033 per ETH. The acquisition comes as Ethereum trades around the $3,000 mark after recovering from a recent dip near $2,680.
A Growing Corporate Ethereum Powerhouse
With this purchase, BitMine now holds an impressive 3.63 million ETH, representing around 3% of Ethereum’s entire circulating supply. This puts the company more than halfway about 60% of the way toward its ambitious target of controlling 5% of all ETH.
The value of BitMine’s treasury now exceeds $10 billion, positioning it as the largest corporate holder of Ethereum.
Industry data from Strategic ETH Reserve shows that 68 corporate entities collectively hold 6.36 million ETH, or 5.26% of total supply. BitMine alone makes up more than half of that corporate ownership.
Interestingly, BitMine’s treasury trades at a 20% discount to the actual value of its ETH assets (mNAV of 0.80), suggesting that some investors remain cautious or uncertain about the company’s aggressive accumulation strategy.
Inside BitMine’s Ethereum-Focused Strategy
Earlier in 2025, BitMine pivoted away from Bitcoin mining and shifted toward a full Ethereum-based treasury model. The company raised over $7 billion through share issuance to fund this massive accumulation effort.
As part of its long-term plan, BitMine is developing the Made in America Validator Network, scheduled for a 2026 pilot. This project will let the firm stake its ETH and actively participate in securing the network turning its treasury into a yield-generating asset.
Many analysts see this as a strategy similar to Michael Saylor’s Strategy and its massive Bitcoin play, which now totals 649,000 BTC. Both companies are betting heavily on holding a dominant position in major crypto assets.
Analysts also say that large-scale corporate accumulation like BitMine’s could help fuel a potential ETH “supercycle,” driven by staking rewards and expanding validator participation.
