BitMine Immersion Technologies, Inc. (NYSE AMERICAN: BMNR) is a publicly traded company that has shifted its focus from bitcoin mining to operating as a large-scale Ethereum treasury. The company is pursuing a strategy to accumulate a significant portion of the total supply of Ether (ETH). ^{[1] [2]}

Overview

Originally established as a Bitcoin and Ethereum Network Company, BitMine's initial business lines included Bitcoin mining operations, synthetic mining involvement, and advisory services for companies interested in earning Bitcoin-denominated revenues. Its mining facilities are situated in regions with low-cost energy, including Trinidad and locations in Pecos and Silverton, Texas. In mid-2025, under the chairmanship of Fundstrat's Tom Lee, the company pivoted its primary corporate strategy to focus on the aggressive accumulation of Ether. ^[2]

The company's new objective, which it has termed "the Alchemy of 5%," is to acquire 5% of the total circulating supply of Ethereum. This long-term goal represents a target valuation of over $25 billion at market prices reported in August 2025. To fund these acquisitions, BitMine has utilized capital-raising transactions, attracting support from a number of prominent institutional investors. This strategic shift has positioned BitMine as one of the largest corporate holders of cryptocurrency and the largest public holder of ETH. The company's stock, BMNR, has experienced a significant increase in trading volume following the announcement and execution of this strategy. ^{[1] [2]}

History and Strategic Pivot

BitMine Immersion Technologies launched its ETH Treasury strategy around June 30, 2025, with the first closing on July 8, 2025. This marked a significant change from its prior focus on Bitcoin mining. The company began rapidly acquiring large amounts of ETH, announcing its progress through a series of press releases and social media updates. ^[2]

Within weeks of launching the new strategy, BitMine reported substantial growth in its ETH holdings, reaching several key milestones:

• July 23, 2025: The company announced its holdings had surpassed 566,776 ETH, valued at over $2 billion at the time.
• August 4, 2025: BitMine reported that its treasury had grown to 833,137 ETH, with a market value of approximately $2.95 billion. On the same day, it was announced that investor Bill Miller III had acquired a major stake in the company.
• August 10, 2025: The company's holdings reached 1,150,263 ETH, valued at over $4.96 billion. This milestone established BitMine as the largest corporate ETH treasury in the world and the third-largest corporate crypto treasury globally, behind MicroStrategy and Mara Blockchain.
• October 6, 2025: BitMine announced its total ETH holdings had reached 2.83 million ETH, valued at approximately $13 billion. This followed a purchase of 179,251 ETH (worth about $823 million) in the preceding week. ^[4]

These rapid acquisitions were communicated through official company channels and reported by financial news outlets. ^{[3] [2] [1]}

Corporate Strategy

Ethereum Accumulation

BitMine's primary strategy is the accumulation of ETH for its corporate treasury, with the stated goal of acquiring 5% of the total ETH supply. The company plans to hold these assets for long-term investment and also intends to stake the tokens to generate yield. This strategy places it in competition with other digital asset treasury companies such as SharpLink Gaming (SBET). The company's rapid acquisitions have been cited as a contributing factor to ETH's price rally in mid-2025. ^[1]

By early October 2025, BitMine's treasury had grown to 2.83 million ETH, valued at around $13 billion. In addition to its ETH, the company's treasury also included 192 Bitcoin (worth nearly $24 million), a $113 million stake in Eightco Holdings, and cash reserves of $456 million. ^[4] Bitmine Immersion Tech has become the first company to have an ETH reserve eclipse 1,000,000 ETH. ^[3]

In a statement, Chairman Tom Lee highlighted the speed of the company's execution:

"In just a week, BitMine increased its ETH holdings by $2.0 billion to $4.96 billion (from 833,137 to 1.15 million tokens), lightning speed in the company's pursuit of the 'alchemy of 5%' of ETH." ^[2]

Bitcoin and Advisory Operations

While the Ethereum treasury is its main focus, BitMine continues to list its original business lines. These include direct Bitcoin mining, synthetic Bitcoin mining through financial products related to hashrate, and providing advisory services. The company offers consulting to other public companies and entities interested in Bitcoin mining or adding Bitcoin to their balance sheets. Its physical mining operations are located in Trinidad and in Pecos and Silverton, Texas, chosen for their low-cost energy resources. ^[2]

Market Performance and Financials

Stock Trading Volume

Following the pivot to its ETH treasury strategy, BitMine's stock (BMNR) became one of the most actively traded stocks in the U.S. market. As of early August 2025, the stock's five-day average daily trading volume reached $2.2 billion. This ranked it 25th among all 5,704 U.S.-listed stocks for that period, placing its trading volume ahead of established companies such as JPMorgan (JPM) and Micron Technology (MU). ^{[2] [1]}

Chairman Tom Lee commented on this liquidity, stating, "We are leading crypto treasury peers by both the velocity of raising crypto NAV [net asset value] per share and by the high trading liquidity of our stock." ^[1]

Share Price and Repurchase Program

The company's stock price responded positively to the strategic announcements. On August 11, 2025, BMNR shares were reported to be up over 10% in pre-market trading, following a nearly 25% increase the preceding Friday. ^[1] The stock continued to perform strongly, with BMNR shares rising over 5% to $59.78 on October 6, 2025, following the announcement of its increased treasury. By this time, the stock had climbed 37% over the previous month. ^[4] In early August 2025, the company's Board of Directors also approved a stock repurchase program for up to $1 billion. ^[2]

Leadership and Investors

Leadership

The company's strategic direction is guided by its Chairman of the Board, Tom Lee, who is also the co-founder and Head of Research at Fundstrat Global Advisors.

Lee is a prominent market strategist known for his analysis of the cryptocurrency markets. His leadership is a central element of the company's public communications. ^{[1] [3]} Following meetings at the Token2049 conference in Singapore, Lee commented on the company's strategic focus: "The BitMine team sat down with Ethereum core developers and key ecosystem players and it is clear the community is focused on enabling Wall Street and AI to build the future on Ethereum... We remain confident that the two supercycle investing narratives remain AI and crypto." ^[4]

Institutional Investors

BitMine has stated that its ETH accumulation strategy is supported by a group of premier institutional investors. The company has publicly named several of these backers, including:

• ARK's Cathie Wood
• MOZAYYX
• Founders Fund
• Bill Miller III
• Pantera Capital
• Kraken
• Digital Currency Group (DCG)
• Galaxy Digital

The investment by veteran fund manager Bill Miller III was specifically highlighted by the company in an announcement on August 4, 2025. ^{[2] [3]}