BitMine’s Ethereum holdings top 2% of supply with 2.4 million ETH

Tom Lee-chaired Bitcoin miner-turned-Ethereum treasury company BitMine Immersion said its ETH holdings have now surpassed 2% of the second-largest cryptocurrency's circulating supply following its latest acquisitions.

BitMine appears to have bought approximately 264,378 ETH ($1.1 billion) since its last update on Sept. 15, reporting its total crypto and cash holdings had reached $11.4 billion on Monday. 

The company now holds 2,416,054 ETH, worth around $10.1 billion, alongside 192 BTC ($22.1 million), a $175 million stake in WLD treasury firm Eightco, and $345 million in unencumbered cash. Ethereum's current circulating supply sits at approximately 120.7 million ETH, according to The Block's price page .

BitMine is currently the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 838,150 ETH and 495,360 ETH, respectively, according to SER data . BitMine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds bitcoin in the amount of 639,835 BTC ($72.1 billion) — equivalent to more than 3% of bitcoin's total 21 million supply.

Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, BitMine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.

"BitMine ETH holdings now exceed 2% of supply as we move towards our 'Alchemy of 5%' of ETH supply. We approached holdings of 1% of ETH in early August when BitMine's equity was $38 (20-moving average) and as we exceed 2%, BitMine's share price is now over $61," Lee said in a statement . "We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years."

BitMine raises $365 million at 14% premium, eyes $1.28 billion to expand ETH holdings

Also on Monday, BitMine announced a $365.24 million registered direct offering, selling roughly 5.2 million shares at $70 each — 14% above Friday's closing stock price — along with warrants that could add another $913 million if exercised, pushing total potential proceeds to approximately $1.28 billion.

"This is materially accretive to existing shareholders as the primary use of proceeds is to add to our ETH holdings," Lee said. "In our view, this 14% premium reflects not only strong institutional investor interest in the BitMine story, but also confidence in our execution as a company."

BitMine expects the offering to close on Sept. 23, pending standard closing conditions.