BitMine Surpasses 2% of ETH Supply, Raises $365M for More Accumulation

A Corporate Treasury Giant in Ethereum
BitMine Immersion Technologies has disclosed that it now controls 2.416 million ETH—just over 2% of Ethereum’s total supply—cementing its role as the largest known corporate ETH treasury. The company values its combined crypto and cash reserves at $11.4 billion, with ETH at the center of a long-term plan to scale toward a 5% ownership ambition.
Management frames its thesis simply: as institutions onboard to Ethereum, tokenization expands, and stablecoins proliferate, ETH—an asset with fixed supply and fee-driven economics—should benefit from compounding demand.
Raising Capital to Buy More ETH
To accelerate accumulation, BitMine announced a $365.24 million registered direct offering.
- Stock priced at $70/share, a premium to its prior close
- 10.4 million warrants included, with strike price at $87.50
- Proceeds earmarked for ETH purchases and general treasury operations
Executives highlighted that warrant exercises could lift proceeds even further, enhancing the company’s ability to expand its ETH treasury.
Balance Sheet Breakdown
Alongside its 2.416 million ETH, BitMine reported:
- 192 BTC
- Hundreds of millions in cash reserves
- Equity stake in Eightco Holdings (OCTO), described as strategic
This diversified mix provides flexibility during volatile periods while maintaining focus on ETH as the core balance-sheet anchor. BitMine describes its program as rules-based: raise capital opportunistically, accumulate methodically, and report holdings transparently.
The Ethereum Playbook
BitMine positions its strategy as Ethereum’s answer to Bitcoin treasuries like MicroStrategy. The company points to three drivers:
- Regulated Spot ETFs – providing mainstream investor access.
- Tokenization Growth – expanding demand for Ethereum blockspace.
- Stablecoin Scale – reinforcing ETH’s role in settlement and security.
In this model, BitMine acts as a patient buyer, tightening ETH’s tradable float and absorbing supply during market dips.
Market Structure Impact
As corporates and funds warehouse more ETH, price discovery increasingly tilts toward capital-markets flows—equity raises, ETF creations/redemptions, and institutional liquidity—rather than retail-driven exchange turnover.
BitMine argues this evolution could lower long-run volatility, though sharp drawdowns remain inevitable. The firm stresses that it will size purchases with risk management discipline.
Risks and Caveats
- Concentration Risk: Billions tied to a single asset.
- Dilution Risk: Share issuance and warrants could dilute investors.
- Regulatory/Protocol Risks: Policy changes or ETH network shocks could impact holdings.
Bottom Line
BitMine has crossed a milestone: controlling 2%+ of all Ethereum while raising $365M at a premium to fuel further buying. The firm is betting that institutional adoption, tokenization, and ETFs will validate a scaled ETH-treasury strategy, even as volatility and governance challenges loom.