Tom Lee-Backed BitMine Adds $112M in Ethereum
BitMine Immersion Technologies (NYSE American: BMNR), a digital asset mining and treasury firm that Fundstrat’s Tom Lee strongly supports, has doubled down on its “Ethereum Standard” strategy. The corporation said today that it had bought another $112 million worth of Ethereum (ETH), which makes it the largest corporate holder of the asset in the world.
BitMine bought about 33,504 ETH at an average price of about $3,340 per token, according to filings with the government. This smart buy was made possible by extra cash from operations and previous capital increases.
With this most recent purchase, BitMine now owns an incredible 3.86 million ETH, which is about 3.2% of the total amount of Ethereum that is currently in circulation.
“We believe the risk-reward for Ethereum at these levels is asymmetric. While the market focuses on short-term ETF outflows, we are focusing on the long-term utility of the world’s programmable money.” — BitMine Press Release.
Tom Lee, a major investor and strong supporter of BitMine’s approach, talked about the transaction in an interview with CNBC shortly after the news broke. Lee said that Ethereum has been unfairly punished by market sentiment relative to Bitcoin and that the “pain trade” is now going up.
Lee said, “We saw a capitulation wick down to the $2,500 range recently, and that, in my view, was the cycle bottom,” “BitMine is simply executing on a conviction play. We see Ethereum reclaiming $4,000 in Q1 2026 and potentially targeting $7,000 to $9,000 by the end of next year as institutional utility ramps up.”
More and more, market observers are calling BitMine the “MicroStrategy of Ethereum.” Like Michael Saylor’s Bitcoin plan, BitMine has moved all of its corporate treasury to ETH, betting that it would do better than traditional fiat currencies in the long run.
BitMine, on the other hand, makes money on its holdings, unlike Bitcoin. A part of the firm’s treasury is actively staked, which brings in tens of millions of dollars a year from Ethereum network incentives. The company utilizes this money to pay for its operations and acquire even more ETH.
Shares of BitMine Immersion Technologies (BMNR) rose 6.5% in pre-market trading after the news. The action also looked to provide a floor for the price of Ethereum, which bounced back above $3,350 as traders took in the news that there was a lot of institutional demand.
