BitMine Immersion Technologies, a cryptocurrency treasury company focused on Bitcoin and Ethereum, secures $365 million in new funding. The company reveals that its Ethereum (ETH) treasury grows to 2.416 million ETH, valued at approximately $10.1 billion, making it the world’s largest corporate holder of Ethereum.
BitMine acquires this ETH at an average price of around $4,500 per ETH. Despite current market prices hovering near $4,200, BitMine’s strategic accumulation demonstrates significant institutional conviction. Moreover, the company’s total assets, including equity, cash, and cryptocurrency holdings, now stand at $114 billion, positioning BitMine among the elite crypto treasury entities globally.
According to Strategic ETH Reserve data, BitMine leads the corporate Ethereum treasury ranking. SharpLink Gaming follows with 838,150 ETH, led by an Ethereum co-founder.
Details of the Funding Round
BitMine sells approximately 5.22 million shares at $70 per share, a 14% premium to its September 19 closing price of $61.29. The company also issues 10.4 million warrants with an exercise price of $87.50.
This transaction immediately raises $365 million, with potential for an additional $913 million if all warrants exercise. BitMine Chairman Thomas Lee states that the proceeds will further expand the company’s Ethereum reserves. He characterizes the premium pricing as a vote of institutional confidence.
Lee notes, “The convergence of Wall Street entering blockchain and AI/agent AI creating the token economy is creating a super-cycle for Ethereum.”
Recent Ethereum Acquisitions
BitMine adds 46,255 ETH to its balance sheet in a $200 million purchase earlier this month. On September 9, the company discloses a $65 million acquisition that pushes its holdings past 1.5% of the total Ethereum supply.
Institutional Interest
Cathie Wood’s ARK Invest acquires 101,950 shares of BitMine in early September, signaling growing mainstream financial interest in cryptocurrency treasury strategies.
Recent reports confirm that public companies raise hundreds of millions of dollars dedicated to cryptocurrency strategies, validating the investor appeal of such approaches.
Institutionalization of Digital Assets
BitMine’s latest move highlights the growing institutionalization of digital asset management and the particular appeal of Ethereum as a core reserve asset for forward-looking corporations.
This surge in holdings could boost demand for efficient cryptocurrency mining hardware, as increased institutional activity drives network participation and mining profitability.
