BitMine, Led by Tom Lee, Raises $365M for ETH Treasury Through $70 Stock Sale

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, reflecting strong investor demand for ether exposure via public markets.

As of Sept. 21, BitMine’s treasury is valued at $11.4 billion and includes 2,416,054 ETH (around 2% of total supply), 192 BTC, $345 million in cash, and a $175 million equity stake in Eightco Holdings. The company 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 firm is pursuing its “alchemy of 5%” strategy, 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 taking place on Ethereum,” he said.

The fundraising involves 5.2 million common shares sold at $70 each — roughly 14% above BMNR’s Sept. 19 close — along with warrants for up to 10.4 million additional shares at $87.50. The offering is expected to generate $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” to shareholders. The company noted that strong institutional demand reflects growing interest in Ethereum as Wall Street 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.

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