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Tom Lee's BitMine Immersion Bought Last Week's Ether Dip, Adding 110K Tokens to Holdings
The crypto treasury firm now owns 2.9% of the ETH supply and holds nearly $398 million in cash for more purchases.
Updated Nov 10, 2025, 4:46 p.m. Published Nov 10, 2025, 3:12 p.m.
What to know:
- BitMine Immersion Technologies (BMNR) purchased nearly $400 million worth of ETH over the past week.
- The firm's total ETH holdings now exceed 3.5 million ETH, representing 2.9% of the total supply.
- BitMine remained one of the few firms that kept accumulating crypto over the past weeks amid a significant correction in the digital asset treasury sector.
BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury (DAT) firm led by Wall Street strategist Thomas Lee, kept buying ether through last week, adding 110,288 tokens worth nearly $400 million at current prices to its treasury, the company said Monday.
The purchases raised the company's ETH holdings to over 3.5 million tokens, roughly 2.9% of the total ETH supply. The firm also increased its unencumbered cash balance to $398 million, up $9 million from the previous week.
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BitMine chairman Lee, who is also the head of research firm Fundstrat, said the firm saw the dip in ETH prices as a buying opportunity. "We acquired 34% more ETH than last week," Lee pointed out.
BMNR shares traded over 5% higher at around $42.40 shortly after the market opened on Monday, while ETH rallied to $3,600, up 6% from Friday.
The firm's steady accumulation is notable as digital asset treasuries have struggled to raise fresh funds for purchases as DAT stock prices tumbled. Many firms stopped buying assets, pivoted to share buybacks or even selling some of their crypto as their stock price fell below the net asset value (NAV) of their underlying crypto holdings.
BitMine, whose stock also fell over 30% from early October, added around 675,000 ETH to its balance sheet, worth over $2.4 billion at current prices. The firm holds the second largest crypto treasury with $13.2 billion overall holdings, trailing Michael Saylor's Strategy.
Read more: Bitcoin Treasury Firm Bubble Comes Full Circle as Sequans Unloads BTC to Cut Debt
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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