BitMine (BMNR) Stock Gains as Company Adds $1.5 Billion Ethereum During Market Crash

TLDR

Table of Contents

BitMine has purchased 379,271 ETH worth $1.5 billion since the early October crypto market crash, bringing total holdings to over 3 million ETH.
The company now controls 2.5% of Ethereum’s total supply and is halfway to its target of owning 5% of all ETH in existence.
Chairman Tom Lee stated that many digital asset treasury companies now trade below their net asset value, suggesting the DAT bubble may have burst.
BitMine raised $365 million in September at $70 per share to fund crypto purchases and has mentioned plans for up to $20 billion in future stock issuance.
Despite Lee’s bubble concerns, he remains bullish on Ethereum and believes it could eventually flip Bitcoin in market dominance.

BitMine Immersion Technologies has been on a buying spree. The company purchased 379,271 ETH worth approximately $1.5 billion following the crypto market crash in early October.

💥 BREAKING:

TOM LEE'S BITMINE ACQUIRED OVER $1.5B OF $ETH

HE 100% KNOWS SOMETHING! 👀 pic.twitter.com/CiZ7dbEsGh

— ᴛʀᴀᴄᴇʀ (@DeFiTracer) October 19, 2025

The purchases came in three waves. First, 202,037 ETH right after the weekend crash. Then 104,336 ETH on Thursday. Finally, 72,898 ETH on Saturday.

The data comes from Arkham Intelligence and trackers monitoring the company’s wallet activity. BitMine has not officially confirmed the latest purchases yet.

BitMine is now the world’s largest corporate holder of Ethereum. The company controls more than 3 million ETH, representing 2.5% of the entire supply.

Bitmine Immersion Technologies, Inc. (BMNR)

That stash is worth about $11.7 billion at current prices. The company only started accumulating Ethereum in early July when ETH traded around $2,500.

The aggressive buying strategy is paying off so far. BitMine is already halfway to its stated goal of owning 5% of all Ethereum.

Chairman Tom Lee made bullish comments about Ethereum’s future on Thursday. He told ARK Invest CEO Cathie Wood that Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold after 1971.

Treasury Bubble Concerns

The buying continues despite Lee’s warning that the digital asset treasury bubble might be over. Many companies in this space now trade below their net asset value.

Net asset value represents the worth of a company’s underlying crypto holdings. When stocks trade below NAV, it suggests investors are paying less than the actual value of the assets.

Lee asked Fortune directly: “If that’s not already a bubble burst, how would that bubble burst?” He estimates about 80% of digital asset treasury firms now trade at or below NAV.

Research firm 10x Research confirmed this trend on Saturday. Major players like Metaplanet and Strategy are trading near or below their NAVs.

But the research firm sees potential upside. Companies with strong capital bases and smart management teams may still generate meaningful returns.

Huobi founder Li Lin appears to agree. He reportedly raised about $1 billion to invest in an Ethereum treasury strategy.

Crypto Market Conditions

Lee told CNBC on Friday that investors are still recovering from the recent leverage flush. The market saw record liquidations during the early October crash.

He also mentioned “gold envy” as a factor. Gold has performed well this year, drawing some attention away from crypto.

Lee believes crypto is at a bottom and working its way back up. Leveraged long positions in crypto are near record lows, which often signals a floor.

The crypto market currently sits about 15% below its October 7 record high. Gold prices have pulled back almost 3% from Thursday’s peak.

Lee remains confident this is not the top of the crypto cycle. He sees the current conditions as a basement level with room to climb.

BitMine raised $365 million in September through a stock offering priced at $70 per share. The company has discussed issuing up to $20 billion in stock for future crypto purchases.

The Nevada-based firm pivoted from Bitcoin mining to an Ethereum treasury strategy in mid-2025. The company also holds 192 Bitcoin and other crypto assets.

BitMine’s total crypto and cash holdings are valued around $12.9 billion to $13.4 billion. The company has attracted backing from Cathie Wood’s ARK Invest, Peter Thiel’s Founders Fund, Pantera Capital, and Galaxy Digital.

B. Riley Financial initiated coverage last week with a Buy rating and $90 price target. The firm projects BitMine could accumulate 7.6 million ETH by 2026.

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