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BitMine Immersion, once a bitcoin mining firm and now the largest 
Ethereum treasury company, announced Monday that it has surpassed 2% of ETH’s circulating supply, with total holdings now over 2.4M ETH—worth roughly $10.1B. The firm also revealed a new $365M capital raise, with plans to expand its ETH holdings even further.
What’s the Scoop?
- New milestone reached: BitMine has added around 264k ETH ($1.1B) since mid-September, pushing its ETH stake to over 2% of the total 120.7M circulating ETH supply.
- Larger strategy in play: Chairman Tom Lee said the firm is pursuing what it calls the “Alchemy of 5%” – a goal to eventually hold 5% of all ETH in circulation, or about 6.04 million ETH.
- Industry standing: BitMine now ranks as the largest Ethereum holder among public companies, well ahead of SharpLink (838K ETH) and The Ether Machine (495K ETH). It is the second-largest crypto treasury overall, behind Michael Saylor’s Strategy, which holds 639,835 BTC (~3% of bitcoin’s supply).
- Major funding round: BitMine raised $365.2M via a direct stock offering priced at $70 per share, a 14% premium over Friday’s close. With attached warrants, the deal could bring in up to $1.28B in total capital.
Bankless Take:
BitMine is purchasing Ether at a relentless pace as it races to acquire 5% of circulating supply. While ETH prices fell nearly 10% this weekend, the token is continuing to hold above $4k, a level it has held throughout the month of September.
🧵🪡
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) September 22, 2025
BitMine today made two announcements:
- $365.24 million registered direct offering at $70 per $BMNR share
- $ETH holdings >2% of Ethereum supply or 2.4 million
…keep reading 📕
Link 🔗 https://t.co/zeBxddSuhd
Link 🔗 https://t.co/mw9hL8rC2S
Ticker: $BMNR
Chairman:…
