Share this article
BitMine Immersion Surges 40% After Revealing $500M ETH Treasury
The shares rose over 40% after revealing the large ETH holdings, following a 50% drop after a $2 billion at-the-market offering.
Jul 14, 2025, 3:04 p.m.
What to know:
- BitMine Immersion Technologies now holds 163,142 ETH worth around $500 million.
- The firm's strategy is to accumulate a large ETH balance sheet, similar to Strategy's bitcoin play.
- The move boosted BMNR's shares by over 40%, and comes as ether treasuries, including those of decentralized organizations and publicly traded companies, now hold a total of 1.5 million ETH.
BitMine Immersion Technologies (BMNR), the ether strategy firm led by Fundstrat’s Tom Lee, moved quickly to turn dollars into cryptocurrency.
The Las Vegas-based company's share rose as much as 40% after it said it now holds 163,142 ETH, worth about $500 million, up from the $250 million it raised in a private placement on July 9.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Tom Lee likened the approach to Strategy’s (MSTR) well-known bitcoin play, arguing that that company's large BTC holdings make the company attractive as a “sovereign put.” Lee said Strategy was an attractive bet “if a nation ever wanted to acquire 5% of the Bitcoin network.”
“Similarly, ETH Treasuries, which accumulate 5% of ETH supply, can benefit from a similar 'Wall Street put,’” Lee said.
Monday's share price surge follows last week's 65% plunge related to the $2 billion at-the-market offering. The shares were recently trading around $4.88, down from $6.25 on July 10.
Ether is down around 9% this year while bitcoin is up around 29%.
Over the weekend, bitcoin mining firm BTC Digital allocated $1 million of its cash into ETH, which it said was its new digital gold. In total, 1.5 million ETH is currently held across ether treasuries, which include decentralized autonomous organizations and publicly traded companies, according to Strategic ETH Reserve.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin rises above $89,000, showing rare gain in U.S. trading
Open interest data suggests the advance is likely short-covering, rather than fresh longs entering the market.
What to know:
- Bitcoin was trading higher during U.S. market hours, marking a notable shift after a month in which BTC fell roughly 20 percent cumulatively while American stocks were open.
- Declining open interest suggests the move is driven by short-covering rather than fresh leveraged longs.
- Broader crypto markets remain fragile as ETF outflows, tax-related positioning, and light holiday liquidity pressure prices.
Top Stories
