BitMine Raises $365 Million for ETH Treasury by Selling Shares at $70, Says Tom Lee

Tom Lee’s BitMine Raises $365M to Expand Ethereum Holdings – 22/9/2025

BitMine Immersion Technologies (BMNR), chaired by Tom Lee, has raised $365 million in a premium stock offering to grow its Ethereum (ETH) treasury, highlighting strong investor demand for ether exposure in public markets.

The company’s treasury is valued at $11.4 billion as of Sept. 21, comprising 2,416,054 ETH (roughly 2% of the total supply), 192 BTC, $345 million in cash, and a $175 million equity stake in Eightco Holdings. BitMine is now the world’s largest publicly traded ETH holder and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy Inc. (MSTR).

Lee, also head of research at Fundstrat and CIO at Fundstrat Capital, said the company is pursuing what he calls the “alchemy of 5%,” aiming to control 5% of Ethereum’s total supply. “Wall Street and AI moving onto the blockchain will transform the financial system, and much of this activity is happening on Ethereum,” Lee said.

The fundraising includes 5.2 million common shares sold at $70 each — roughly 14% above BMNR’s Sept. 19 close — plus warrants for up to 10.4 million additional shares at $87.50. The offering is expected to raise $365 million, with total potential proceeds of about $1.28 billion if all warrants are exercised.

Lee said the proceeds will primarily be used to increase BitMine’s ETH holdings, calling the premium pricing “materially accretive” for existing shareholders. The company noted that strong institutional demand reflects growing adoption of Ethereum as Wall Street increasingly integrates blockchain into financial infrastructure.

As of 11:13 a.m. ET, BMNR shares were trading around $55.79, down 9% on the day, according to Google Finance.