Bitmine Bets on Ethereum with $140M Buy with 4 Million ETH in Treasury

BitMine Immersion Technologies has added 48,049 ETH worth $140 million to its treasury, bringing total holdings close to 4 million ETH and reaffirming its bold institutional bet on Ethereum.

Key Takeaways

• BitMine Immersion Technologies purchased 48,049 ETH worth $140 million during a market dip, signaling continued bullishness on Ethereum’s long-term value.
• The company now holds approximately 3.97 million ETH, valued at around $11.6 billion, making it the largest known corporate Ethereum holder globally.
• BitMine has stated a long-term goal of acquiring 5 percent of Ethereum’s total supply, with no disclosed timeline.
• Despite recent crypto market volatility, BitMine’s aggressive ETH accumulation strategy remains unchanged, with Chairman Tom Lee urging investors to stay optimistic.

What Happened?

BitMine Immersion Technologies, a publicly listed treasury firm co-founded by crypto advocate Tom Lee, has made headlines again after buying 48,049 ETH during a dip in Ethereum’s price. The acquisition, worth roughly $140 million, was reported by on-chain analysts EmberCN and Lookonchain, with data verified by Arkham Intelligence.

TOM LEE JUST BOUGHT ANOTHER $140M ETH

Two fresh wallets just received $140.58M ETH from FalconX. Their acquisition behaviour matches Bitmine’s prior purchase patterns.

Tom Lee continues to buy the dip. pic.twitter.com/arIWirWP63

— Arkham (@arkham) December 17, 2025

The transaction was made from a hot wallet on FalconX and continues a broader strategy BitMine has followed throughout 2025. The firm now holds 3,967,210 ETH, placing its treasury valuation at approximately $11.6 billion and securing over 3.2 percent of ETH’s total circulating supply.

BitMine’s Strategy: Accumulating ETH Through Volatility

BitMine’s purchase is not an isolated event. In the first half of December alone, the company acquired over 240,000 ETH, reinforcing its role as one of the most committed institutional players in the Ethereum ecosystem.

• The ETH buy came at a time when Ethereum traded around $2,928, showing BitMine’s preference for buying during price dips.
• Ethereum’s price had fallen nearly 1 percent in 24 hours prior to the announcement.
• BitMine’s average cost per ETH sits near $3,074, suggesting a long-term position strategy rather than short-term speculation.

While many market participants have hesitated due to macroeconomic pressures and price volatility, BitMine has continued to allocate capital into Ethereum. This aligns with its goal to eventually control 5 percent of ETH’s total supply, although the company has not shared a specific timeline for reaching this target.

BitMine’s Market Position and Stock Performance

BitMine’s aggressive ETH positioning has drawn attention not just for its crypto strategy but also for its public stock performance. Traded under BMNR on the NYSE American exchange, BitMine’s stock has:

• Surged over 396 percent year to date.
• Climbed 551 percent in the past six months.
• Seen a 1.42 percent gain recently, closing at $31.39, close to an all-time high.

Despite a 38 percent pullback over the past three months, BitMine’s market capitalization stands around $14.8 billion, with daily trading volume averaging 47 million shares. Its current multiple-to-net asset value (mNAV) is about 1.03x, suggesting the stock is trading close to the fair value of its assets, with minimal debt reported.

The company’s holdings include:

• 3,967,210 ETH, worth about $12.2 billion using recent reference prices
• 193 Bitcoin.
• $1 billion in cash.
• A $38 million equity stake in Eightco Holdings.

These assets bring BitMine’s total crypto and cash position to approximately $13.2 billion, solidifying its rank as the second-largest global crypto treasury, behind only Strategy, the firm led by Bitcoin bull Michael Saylor.

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A Growing Trend in Institutional Ethereum Investment

While BitMine leads the pack, several other publicly traded companies are also amassing significant ETH reserves. According to CoinGecko’s Ethereum Treasury Tracker:

• SharpLink Gaming holds about 859,853 ETH.
• The Ether Machine holds approximately 496,712 ETH.
• Other notable holders include Bit Digital, Coinbase, ETHZilla, and BTCS.

This growing trend underscores the rising role of Ethereum in DeFi, NFTs, and tokenization infrastructure, with BitMine at the forefront of this institutional shift.

CoinLaw’s Takeaway

In my experience tracking institutional crypto adoption, BitMine’s strategy is one of the most committed Ethereum bets we’ve seen yet. Buying during a market dip, expanding ETH holdings aggressively, and aiming for 5 percent of the total supply is no small ambition. It’s clear they see Ethereum not just as a tech platform, but as a long-term monetary asset.

What stands out is how BitMine is shaping the narrative for ETH as a treasury reserve asset, just like Bitcoin. While it’s a risky move amid market uncertainty, I found that BitMine’s willingness to take bold action speaks volumes about growing confidence in Ethereum’s future. This could very well set a precedent for how other institutions manage their crypto portfolios going forward.