BitMine Immersion Technologies, a firm specializing in cryptocurrency treasury management with a focus on Bitcoin and Ether, has announced its substantial holdings in Ether. The company reports controlling over 2% of the total Ether supply, boasting an impressive accumulation of 2.4 million ETH.
The company revealed on Monday that their Ether holdings represent an estimated value of $10.1 billion, potentially positioning them as the leading corporate ETH treasury in the global landscape. They also unveiled a new funding effort designed to significantly bolster their existing reserves.
BitMine communicated that their average acquisition cost for ETH was close to $4,500, roughly 7.25% higher than the current market value, which is around $4,200.
Data sourced from Strategic ETH Reserve suggests that BitMine currently reigns supreme as the corporation holding the largest Ether treasury worldwide. SharpLink Gaming, another substantial ETH holder backed by an Ethereum co-founder, holds the second spot, reporting 838,150 ETH on its financial records.
BitMine’s total assets, encompassing equities, cash reserves, and cryptocurrency assets, currently register at $11.4 billion. This substantial portfolio positions BitMine among the foremost cryptocurrency treasury companies, a segment presently led by Strategy, which possesses 639,835 Bitcoin (BTC) valued at over $74 billion as of the recent Monday.
Related: Ethereum on-chain activity surge points towards potential ETH price rise to $5K
BitMine Secures Funding with a Premium
BitMine indicated on Monday the sale of approximately 5.22 million shares, priced at $70 each. This price represents a 14% premium compared to the closing price of $61.29 observed on September 19. In addition, 10.4 million warrants exercisable at $87.50 were offered. The immediate proceeds from this transaction amount to roughly $365 million, with the warrants potentially generating an additional $913 million if fully exercised.
BitMine Chairman Thomas Lee characterized the premium pricing as indicative of strong institutional confidence. He stated that these funds will be specifically allocated to further augment the company’s Ether reserves.
“The merging of Wall Street’s adoption of blockchain technology with the token economies emerging from AI and agentic-AI, is collectively forging a powerful upswing for Ethereum,” Leed commented on Monday.
This fundraising event follows a substantial $200 million ETH acquisition earlier in September, during which BitMine added 46,255 ETH to its holdings. This occurred shortly after an announcement of another $65 million purchase and the report of holding 1.5% of the total Ether supply on September 2.
Related: Low-risk DeFi could boost Ethereum fees and maintain value, suggests Vitalik
Institutional Interest in Crypto Treasuries is Growing
BitMine is clearly garnering considerable attention, evidenced by Cathie Wood’s ARK Invest acquiring 101,950 shares of the company earlier this month.
Furthermore, recent reports indicate an increasing trend among publicly listed companies raising substantial capital, in the hundreds of millions of dollars, for cryptocurrency strategies. This trend further supports the notion that these types of ventures are drawing significant investor interest.