ETH Treasury Firm BitMine Steps Up Bid To Acquire 5% of Supply

Ether climbed 4% on Thursday as BitMine Immersion Technologies disclosed that its Ethereum holdings have surged past $2 billion — a major milestone achieved just 16 days after completing a $250 million private placement. The bitcoin mining and Ethereum treasury-focused firm said it acquired 566,776 ETH at an average price of $3,643.75, moving closer to its ambitious target of acquiring and staking 5% of Ethereum’s total circulating supply.

Chairman Tom Lee, also of Fundstrat, emphasized BitMine’s rapid progress. CEO Jonathan Bates stated the firm seeks to enhance ETH-per-share returns through staking income, strategic capital market activities, and disciplined treasury operations.

BitMine’s broader game plan combines direct ETH accumulation, yield-generating staking, and innovative financing. Describing its model as “asset-light,” the company relies on both internal cash flow and external capital to scale efficiently while preserving liquidity and balance sheet strength.

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