BitMine expands Ethereum treasury holdings with latest $44M ETH purchase

BitMine Immersion Technologies, the Nasdaq-listed crypto treasury firm led by Tom Lee, bought 14,618 $ETH worth about $44.34 million.

The latest purchase went through institutional custodian BitGo at an average price of roughly $3,033 per $ETH, according to blockchain analytics platforms.

This move continues BitMine’s plan to build a large Ethereum holding as the coin trades around $3,000, recovering from a recent weekly low near $2,680. The company’s repeated purchases demonstrate how strongly it views Ethereum as a long-term business asset.

Corporate holdings and market position

Following this acquisition, BitMine now holds roughly 3.63 million $ETH, or 3% of Ethereum’s total supply, valued at more than $10 billion. The company is 60% of the way to its goal of owning 5% of the circulating $ETH supply.

Overall, 68 corporate entities hold a total of 6.36 million $ETH, or 5.26% of all coins, according to data from Strategic $ETH Reserve. With a mNAV of 0.80, BitMine’s $ETH portfolio is trading at a 20% discount to the underlying net asset value of the $ETH it owns.

Practically speaking, investors are undervaluing the portfolio relative to the actual value of its Ethereum holdings, which could be a sign of perceived risk or uncertainty regarding BitMine’s approach.

Strategy and future plans

BitMine stepped back from Bitcoin mining in early 2025 and refocused its business around building an Ethereum-based treasury. To make that shift possible, the company raised more than $7 billion by issuing new shares and used the capital to accumulate $ETH.

It also began developing the Made in America Validator Network, which is set for a 2026 pilot and will let BitMine stake its own $ETH and actively participate in securing the Ethereum network.

BitMine’s latest purchase strengthens its position as the largest corporate holder of Ethereum. The company’s strategy echoes that of Michael Saylor’s Strategy, which has now acquired 649,000 Bitcoin.

Analysts note that large treasury buys like BitMine’s have the potential to spark a corporate-led $ETH “supercycle,” fueled by staking returns and increased participation in the validator ecosystem.