BitMine Immersion Technologies, formerly a Bitcoin mining operation, has rapidly pivoted to become a major corporate holder of Ethereum, disclosing on July 14 that it now holds over $500 million worth of ETH. The Nevada-based company amassed 163,142 ETH—valued at approximately $3,072.67 per token—just days after closing a $250 million private placement on July 9. This aggressive accumulation marks a strategic shift from Bitcoin mining to an "asset-light" model focused on Ethereum-centric treasury management, capital markets, and staking yields.
Chairman Tom Lee, founder of Fundstrat, and CEO Jonathan Bates framed the move as a long-term bet on Ethereum's role in global finance and growing institutional demand for tokenized assets. Lee explicitly compared BitMine's strategy to MicroStrategy's Bitcoin treasury accumulation, suggesting that holding 5% of ETH's supply could create a similar "Wall Street put" effect, attracting institutional investors seeking exposure without direct market impact.
The announcement triggered a 13-15% surge in BitMine's stock (BMNR) on July 14, recovering from a prior 65% drop linked to a share offering. The company aims to increase ETH holdings per share through treasury growth, staking yields, and capital markets tools, positioning itself among the largest corporate Ethereum holders outside the Ethereum Foundation.