Las Vegas, NV – BitMine Immersion Technologies (BMNR) has announced its Ethereum holdings and equivalents have surpassed $1 billion, just one week after closing a $250 million private placement. The company, which recently pivoted to an Ethereum-focused treasury strategy, aims to become the "MicroStrategy of Ethereum," mirroring MicroStrategy's pioneering role in corporate Bitcoin adoption. Thomas (Tom) Lee, Chairman of BitMine's Board of Directors and a prominent Wall Street strategist, confirmed the significant accumulation, with the company now holding over 300,000 ETH.
BitMine's strategic shift, announced in late June 2025, involves utilizing proceeds from capital raises and its existing crypto mining operations to acquire Ethereum as its primary treasury reserve asset. This move is designed to offer public market investors direct exposure to Ethereum, similar to how MicroStrategy (now rebranded as Strategy) provides exposure to Bitcoin. The company's goal is to acquire and stake a substantial portion of the total ETH supply.
The inspiration for BitMine's new direction comes directly from Strategy, formerly MicroStrategy, which began accumulating Bitcoin in 2020 under the leadership of Michael Saylor. Strategy has since amassed over 600,000 BTC, establishing itself as the world's largest corporate holder of Bitcoin and influencing other companies to consider similar treasury strategies. The tweet from Thomas (Tom) Lee explicitly states, "$MSTR set the standard for Treasuries @saylor $BMNR wants to be the Microstrategy of Ethereum $ETH," highlighting this direct lineage.
Thomas Lee, a co-founder and Head of Research at Fundstrat Global Advisors and FSInsight.com, brings significant financial expertise to BitMine's board. His involvement underscores the growing institutional interest in digital assets beyond Bitcoin. Lee has publicly championed Ethereum, citing its importance in the burgeoning stablecoin market and its potential as a transformative financial asset.
While BitMine's stock has experienced considerable volatility following its strategic pivot, including a rapid surge and subsequent fluctuations, its aggressive accumulation of Ethereum positions it as a key player in the evolving landscape of corporate crypto treasuries. The company continues to operate its Bitcoin mining facilities, but its focus has clearly shifted towards becoming a leading corporate holder of Ethereum, reflecting a broader trend of digital asset integration into corporate finance.