- BitMine holds 2.416M ETH, now controlling over 2% of Ethereum’s total supply and worth $10.1B.
- A fresh $365M fundraising round at a premium price will push reserves even higher, with potential for $913M more.
- Institutions like ARK Invest are backing BitMine, signaling growing confidence in corporate crypto treasuries.
BitMine Immersion Technologies just cemented its status as the world’s top Ethereum corporate treasury, revealing that it controls more than 2.416 million ETH, or about 2% of the total supply. At current prices, that stack is worth over $10.1 billion, making BitMine a bigger ETH whale than any other corporate player.
BitMine’s ETH Bet Gets Even Bigger
The company disclosed on Monday that its average ETH buy price is $4,500, around 7% higher than today’s $4,200 level. Despite sitting slightly underwater, BitMine doubled down, announcing $365 million in new funding via a premium-priced share and warrant sale. That deal could ultimately net the firm another $913 million if all warrants are exercised.
Premium Pricing Shows Confidence
BitMine sold 5.22 million shares at $70 each, a 14% premium to the last closing price, alongside 10.4 million warrants exercisable at $87.50. Chairman Thomas Lee called the raise a “sign of institutional conviction,” adding that Wall Street’s blockchain push and AI-driven token economies could fuel a new Ethereum supercycle.
Institutions Keep Piling In
BitMine isn’t just hoarding ETH quietly. Earlier in September, it added 46,255 ETH in a $200M purchase, on top of a $65M buy earlier that month. Cathie Wood’s ARK Invest also scooped up more than 101,950 BitMine shares, showing that big institutions are clearly eyeing crypto treasury strategies as a serious play.
