Main Takeaways：
- BitMine Immersion has surpassed 1.15 million ETH (~$4.96 billion), becoming the world’s largest Ethereum treasury among public companies.
- The firm has expanded its at-the-market (ATM) equity issuance program to up to $24.5 billion, including $20 billion in new authorization.
- BitMine aims to acquire 5% of total ETH supply and has raised substantial capital rapidly since launching its ETH treasury strategy on June 30, 2025.
- Supported by institutional backers such as ARK Invest, Founders Fund, Bill Miller III, and others, and noted for its extraordinary liquidity as a U.S.–listed stock.
- Ethereum price has rallied, buoyed by aggressive treasury accumulation, and bullish forecasts suggest it may repeat Bitcoin’s 2017 trajectory.
1. Meteoric Rise of BitMine’s ETH Holdings
Since shifting from Bitcoin mining to an Ethereum treasury strategy in late June 2025, BitMine Immersion Technologies has amassed more than 1.15 million ETH—valued at approximately $4.96 billion as of August 10, 2025. This marked a staggering $2 billion increase from just a week prior, when holdings stood at 833,000 ETH (~$2.9 billion). In just over five weeks since the strategy launch on June 30, the firm became the world’s largest public ETH treasury and the third-largest cryptocurrency treasury globally, trailing only MicroStrategy and Mara Blockchain.
2. Massive Capital Raise via Equity Issuance
To fuel further crypto accumulation, BitMine recently filed with the SEC to expand its ATM (at‑the‑market) stock issuance capacity to a whopping $24.5 billion. This includes $2 billion under the current prospectus, $2.5 billion from a prior supplement, and a new $20 billion allocation. CoinDesk reports the company aims to raise $20 billion more via stock sales for additional ETH purchases.
3. Strategic Goal: Control 5% of ETH Supply
Chairman Tom Lee, co-founder of Fundstrat and BitMine board chair, emphasized the firm’s ambition to obtain 5% of Ethereum’s total supply—what he dubbed the “alchemy of 5%”. The rapid acquisition shows both aggressive execution and strong investor interest, with institutional supporters including ARK Invest, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
4. Exceptional Liquidity: A Stock Market Powerhouse
BitMine’s equity has become one of the most liquid U.S.–listed stocks, trading an average daily volume of $2.2 billion—ranking 25th among 5,700+ U.S. stocks, surpassing household names like JPMorgan and closely trailing Costco. This high liquidity supports large-capital strategies and reduces price impact when raising funds.
5. ETH Market Impact and Bullish Outlook
Aggressive purchasing by BitMine and similar treasury-focused firms has helped lift Ethereum’s price, recently pushing it above $4,300 for the first time in some time. Tom Lee likened Ethereum’s current phase to Bitcoin’s 2017 surge—highlighting supportive regulatory trends (e.g., stablecoin regulation, de‑Fi fostering?) and major financial players like JPMorgan and Robinhood expanding ETH use—and posited a target price of $30,000 if momentum sustains.
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6. Implications for Institutional Crypto Use and New Revenue Strategies
BitMine’s bold moves illustrate how tradable securities can be leveraged for crypto treasury strategies—a model that may inspire corporations and investors seeking regulated exposure to digital assets. Public firms can now emerge as on‑ramps to Ethereum, providing liquid equity-based investment vehicles for institutions wary of direct crypto holdings.
Conclusion
BitMine Immersion’s dramatic foray into Ethereum treasuries—surpassing 1.15 million ETH (~$5 billion), expanding its equity issuance capacity to $24.5 billion, and targeting 5% of ETH supply—signals a pivotal shift in institutional crypto strategies. Backed by top-tier institutions and buoyed by exceptional liquidity, BitMine exemplifies how structured corporate instruments can enable large-scale, regulated crypto accumulation. If Ethereum responds with sustained growth, this model could catalyze a broader wave of institutional adoption, reshaping how capital markets engage with blockchain assets.
