BitMine Immersion Technologies — the Nasdaq-listed crypto treasury company run by Tom Lee — just made another huge move in the Ethereum market. The firm bought 14,618 ETH, worth about $44.34 million, showing once again how confident it is in Ethereum’s long-term future.
Big Buy at a Key Price
The purchase was handled through BitGo, one of the major institutional custodians, at an average price of $3,033 per ETH, according to on-chain data. Ethereum has been trading around the $3,000 range after recovering from a dip near $2,680 last week, and BitMine clearly saw this as a chance to strengthen its position.
This isn’t a one-off buy. It’s part of a much larger plan.
BitMine’s Growing Ethereum Empire
With this latest purchase, BitMine now holds about 3.63 million ETH, which is roughly 3% of the entire Ethereum supply. That stash is worth over $10 billion. The company is now more than halfway toward its goal of owning 5% of all circulating ETH — a massive target for any corporate treasury.
They’re not alone, either. In total, 68 companies hold around 6.36 million ETH, about 5.26% of the supply. But BitMine is the biggest player in that group.
Interestingly, BitMine’s ETH portfolio is trading at a 20% discount to the actual value of the ETH it owns, based on its mNAV of 0.80. That means investors are valuing the stock lower than the ETH backing it, which could come from concerns about strategy, risk, or just general market hesitation.
A Full Shift Toward Ethereum
Earlier in 2025, BitMine stepped away from Bitcoin mining entirely. Instead, they doubled down on building a massive Ethereum-based treasury. To make this move possible, they raised over $7 billion by issuing new shares, then used that money to buy ETH.
But they’re not stopping at simply holding coins.
Staking and the Validator Future
BitMine is building its own staking infrastructure called the Made in America Validator Network, set to launch a pilot program in 2026. The idea is simple:
• stake their own ETH,
• earn steady returns,
• and help secure the Ethereum network at the same time.
This would turn BitMine into not just a major holder, but a major network participant — similar to the role Michael Saylor’s company plays with Bitcoin.
What Analysts Are Saying
Some analysts believe these large, steady buys from corporate players could kick off a new kind of ETH supercycle, powered by the combination of:
• massive treasury accumulation,
• steady staking rewards, and
• corporate involvement in Ethereum’s validator system.
BitMine’s latest purchase strengthens its position as the top corporate Ethereum holder — and makes it clear they’re betting big on ETH’s future.
