Finance

BitMine’s $1.5B Ethereum Bet: How Tom Lee’s Firm Aims to Dominate ETH Holdings

BitMine added 27,316 ETH, now holding over 3.3 million, solidifying its status as the largest corporate Ethereum holder.

byAndres Castro

October 29, 2025, 10:48 AM

Physical silver Ethereum and gold Bitcoin coins resting on computer hardware.

Physical Ethereum and Bitcoin coins on computer hardware. By MDL.

Executive Summary

BitMine Immersion Technologies has significantly expanded its Ethereum holdings to over 3.3 million ETH, valued at approximately $13.2 billion, solidifying its position as the largest corporate holder of Ethereum.

CEO Tom Lee leads BitMine with an ambitious goal to accumulate 5% of Ethereum’s total supply, believing it to be a “truly neutral chain” that will appeal to Wall Street institutions and U.S. policymakers.

Despite BitMine’s strong bullish stance and aggressive accumulation of Ethereum, CEO Tom Lee has reiterated a cautious outlook on Bitcoin, warning of its continued volatility and potential for significant price drops.

The Story So Far

BitMine Immersion Technologies is aggressively accumulating Ethereum, aiming to hold 5% of its total supply, driven by CEO Tom Lee’s conviction that Ethereum’s “neutral chain” status will attract Wall Street and U.S. policymakers, and viewing market pullbacks as strategic long-term buying opportunities despite general crypto volatility.

Why This Matters

BitMine Immersion Technologies’ aggressive accumulation, making it the largest corporate holder of Ethereum, signals a strong institutional conviction in ETH’s long-term value and its potential appeal to Wall Street and U.S. policymakers, potentially influencing broader corporate investment strategies. This strategic focus highlights a growing divergence in prominent crypto investment theses, especially given CEO Tom Lee’s contrasting caution regarding Bitcoin’s continued price volatility and correlation with traditional markets.

Who Thinks What?

BitMine Immersion Technologies, led by CEO Tom Lee, is aggressively accumulating Ethereum, believing it to be a “truly neutral chain” that will gain favor among Wall Street institutions and U.S. policymakers, viewing market pullbacks as long-term buying opportunities.

Tom Lee holds a cautious outlook on Bitcoin’s price stability, warning that its volatility and correlation with equities suggest significant price drops are still a likely scenario despite growing optimism.

BitMine Immersion Technologies has significantly expanded its Ethereum holdings this week, reportedly adding 27,316 ETH, valued at approximately $113 million, to its corporate treasury. This latest acquisition contributes to the firm’s total Ethereum holdings now exceeding 3.3 million ETH, worth around $13.2 billion, solidifying its position as the largest corporate holder of Ethereum.

BitMine Becomes Largest Corporate Ethereum Holder

The company is now recognized as the largest corporate holder of Ethereum and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy. The recent transfer of ETH was allegedly sourced from the custody platform BitGo, though BitMine has yet to officially confirm the transaction.

Led by Fundstrat co-founder Tom Lee, BitMine has outlined an ambitious goal to accumulate 5% of Ethereum’s total supply. Lee has publicly described Ethereum as a “truly neutral chain” that he believes will garner favor among Wall Street institutions and U.S. policymakers, positioning the firm as a long-term supporter of the blockchain’s evolving financial ecosystem.

Strategic Accumulation Amid Market Volatility

The firm reportedly counts prominent institutional supporters such as Ark Invest’s Cathie Wood, Bill Miller III, Digital Currency Group, Founders Fund, Galaxy Digital, Kraken, and Pantera Capital. This week, BitMine Immersion Technologies also accumulated an additional 379,271 ETH, worth roughly $1.5 billion, across three major purchases. This move followed a broader market pullback, which CEO Tom Lee characterized as a long-term buying opportunity, despite his warnings that digital asset treasuries (DATs) might be trading below their net asset value.

Despite his strong bullish stance on Ethereum, Lee recently reiterated a cautious outlook on Bitcoin’s price stability. He warned that Bitcoin’s volatility remains a factor and that it could still experience significant price drops, potentially amplifying movements in traditional markets. While optimism has grown regarding Bitcoin’s stability due to spot Bitcoin ETFs and increased institutional participation, Lee emphasized that its correlation with equities suggests sharp corrections are still a likely scenario.

Investment Thesis

BitMine’s aggressive Ethereum accumulation strategy, driven by CEO Tom Lee’s long-term conviction in the network’s institutional appeal, underscores a distinct investment thesis within the crypto market. This approach contrasts with Lee’s more guarded perspective on Bitcoin’s continued vulnerability to market swings.