BitMine Immersion doubles down on Ethereum, amassing 163,000 ETH days after $250 million PIPE raise

NYSE-listed BitMine Immersion Technologies said Monday it now holds nearly $500 million worth of ether as the bitcoin-miner-turned-treasury-vehicle accelerates its pivot to an Ethereum-centric balance-sheet strategy.

The Nevada-based firm disclosed that it amassed over 163,000 ETH since its initial capital raise, spending double the $250 million generated from share sales. The purchase lifts BitMine’s reported stash above the 160,142, cementing it as one of the largest public holders of the asset and ranking it second among Ethereum treasuries, per DefiLlama. Only the Ethereum Foundation and SharpLink boast bigger ETH reserves.

BitMine (ticker BMNR) adopted an "asset-light" treasury model in June, pledging to increase ether held per share through capital-markets activity, staking yields, and reinvested operating cash flow. The firm's stock surged 400% as management said the strategy will both enhance shareholder value and support Ethereum’s decentralization by removing supply from circulation.

Board chairman and Fundstrat founder, Tom Lee, likened the approach to Strategy’s high-profile bitcoin play, arguing that large corporate treasuries can create a reflexive benefit as institutional demand grows. He said Strategy's 597,000 BTC trove has formed a "sovereign put" for nation-states to access bitcoin exposure.

"Similarly, ETH Treasuries, which accumulate 5% of ETH supply, can benefit from a similar 'Wall Street put’," Lee noted. BitMine has indicated it may continue tapping capital markets to enlarge its position, but did not outline further purchase targets.

Shares of BMNR rose 15% in Monday's session while ether changed hands around $3,066, up almost 3% in 24 hours, according to The Block’s ETH price page .