BitMine Immersion Technologies Acquires 44,036 ETH in $166 Million Treasury Expansion
New York, October 31, 2025 – BitMine Immersion Technologies, Inc. (NYSE: BMNR), the world’s largest publicly traded holder of Ethereum, has further solidified its position with the acquisition of 44,036 ETH valued at approximately $166 million.
The transaction, executed during a period of heightened market volatility, reflects the company’s continued commitment to accumulating Ethereum as a primary treasury reserve asset.
The purchase brings BitMine’s total ETH holdings to over 2.87 million tokens, with an estimated market value exceeding $10.8 billion at current prices.
Including Bitcoin, cash equivalents, and operational assets, the firm’s total treasury now surpasses $13.5 billion, positioning it as the second-largest corporate cryptocurrency holder globally, behind only MicroStrategy.
Strategic Context and Execution
BitMine, which transitioned from Bitcoin mining to Ethereum treasury management earlier this year, has pursued an aggressive accumulation strategy under the leadership of Chairman Tom Lee—co-founder of Fundstrat Global Advisors—and CEO Jonathan Bates. The company has raised more than $2.3 billion year-to-date through equity offerings and private placements, with proceeds earmarked exclusively for ETH acquisitions.
This latest buy was executed at an implied average price of $3,770 per ETH, calculated as follows:
{\$166,000,000}{44,036} \approx \$3,770.35
The timing aligns with Ethereum’s intraday low near $3,750, demonstrating precise execution amid a broader market correction.
Institutional Momentum in Ethereum
BitMine’s move is part of a growing trend among public companies adopting Ethereum as a balance-sheet asset. Corporate treasuries now hold approximately 5.5 million ETH—representing over 4.5% of the circulating supply—with a combined valuation of more than $22 billion.
Key drivers include:
Staking yields averaging 3.2–4.1% annually
Post-Dencun network efficiency, reducing layer-2 transaction costs by up to 90% $ETH
