BitMine Immersion Tech (ticker: BMNR) announced last week that it acquired 153,075 ETH for $668 million.
As of August 31, the company’s Ethereum holdings total 1,866,974 ETH, valued at approximately $8.15 billion. Additionally, BitMine has $635 million in unallocated cash reserves, which could fuel further purchases.
BitMine remains the largest public holder of Ethereum and ranks second globally in cryptocurrency reserves, trailing only Strategy, which focuses on Bitcoin.
The company began accumulating Ethereum in late June and has since significantly expanded its position, surpassing the Ethereum Foundation in total ETH holdings.
Led by Tom Lee, founder of Fundstrat, BitMine is positioning itself as a major player in the crypto space.
In an August video address to investors, Lee described Ethereum as a “key macro investment for the next 10-15 years,” projecting a price target of $12,000–$15,000 by the end of 2025.
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This aggressive strategy highlights BitMine’s confidence in Ethereum’s long-term potential as a cornerstone of the digital asset ecosystem.
