TLDR
- BitMine purchased 379,271 ETH valued at $1.5 billion following the October crypto market crash in three separate transactions.
- The company now holds over 3 million ETH, representing 2.5% of Ethereum’s total supply and is halfway to its 5% target.
- Chairman Tom Lee warned that digital asset treasury companies now trade below net asset value, indicating a potential bubble burst.
- BitMine raised $365 million at $70 per share in September and has discussed future stock offerings up to $20 billion.
- Lee remains bullish on Ethereum despite bubble concerns, predicting it could eventually surpass Bitcoin in market dominance.
BitMine Immersion Technologies went on a massive buying spree after the early October crypto crash. The company acquired 379,271 ETH worth approximately $1.5 billion across three purchases.
The first wave came right after the weekend market crash with 202,037 ETH. The second purchase added 104,336 ETH on Thursday. The final buy brought in 72,898 ETH on Saturday.
Blockchain tracking data from Arkham Intelligence reveals these transactions. BitMine has not yet officially confirmed the most recent purchases.
The company now stands as the world’s largest corporate Ethereum holder. BitMine controls more than 3 million ETH, which equals 2.5% of the entire Ethereum supply.
At current prices, this stash is worth about $11.7 billion. The company only began accumulating Ethereum in early July when prices hovered around $2,500.
Treasury Bubble Warning
Chairman Tom Lee made headlines by suggesting the digital asset treasury bubble may have burst. Many companies in this sector now trade below their net asset value.
Lee told Fortune that roughly 80% of digital asset treasury firms trade at or below their NAV. This represents a major shift in market sentiment.
Research firm 10x Research confirmed this trend. Major players including Metaplanet and Strategy are trading near or below their net asset values.
Despite these warnings, Lee remains bullish on Ethereum itself. He told ARK Invest CEO Cathie Wood that Ethereum could flip Bitcoin, similar to how Wall Street and equities overtook gold after 1971.
The company is already halfway to its ambitious goal of owning 5% of all Ethereum. This target is part of what management calls the “Alchemy of 5%” initiative.
Market Conditions and Future Plans
Lee attributes current market conditions to several factors. Investors are still recovering from the record leverage liquidations in early October.
He also pointed to “gold envy” as gold has outperformed this year. The precious metal has drawn attention away from crypto markets.
The crypto market currently sits about 15% below its October 7 record high. Gold prices have retreated almost 3% from their Thursday peak.
Lee told CNBC that leveraged long positions in crypto are near record lows. This often signals a market bottom with room for recovery.
BitMine raised $365 million through a September stock offering at $70 per share. The company has mentioned potential future stock issuances up to $20 billion for additional crypto purchases.
The Nevada-based company pivoted from Bitcoin mining to an Ethereum treasury model in mid-2025. BitMine also holds 192 Bitcoin and other digital assets.
Total holdings including crypto and cash are valued between $12.9 billion and $13.4 billion. High-profile backers include ARK Invest, Founders Fund, Pantera Capital, and Galaxy Digital.
B. Riley Financial initiated coverage with a Buy rating and $90 price target. The firm projects BitMine could reach 7.6 million ETH by 2026.
Huobi founder Li Lin reportedly raised $1 billion to pursue a similar Ethereum treasury strategy.
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