BitMine Immersion’s $500m ETH pivot shakes up crypto treasuries

Just months ago, BitMine was another mining operation chasing cheap electricity to dig up Bitcoin. Now, it’s sitting on one of the largest corporate Ethereum treasuries outside of the Ethereum Foundation itself. The speed of this pivot has left industry veterans both impressed and skeptical.

In a press release dated July 14, BitMine Immersion disclosed that it now holds more than $500 million in Ethereum (ETH), having amassed 163,142 ETH just days after closing a $250 million private placement on July 9.

The Nevada-based company, previously known for its Bitcoin mining operations, says this marks a decisive step in its Ethereum-centric treasury strategy. The move, which effectively doubled its capital deployment in ETH, was confirmed just before markets opened Monday, with ETH trading above $3,000.

The company’s chairman and Fundstrat founder, Tom Lee, and CEO Jonathan Bates framed the accumulation as both a bet on Ethereum’s long-term role in global finance and a reflection of growing institutional appetite for tokenized assets.

Saylor’s Strategy playbook, Ethereum edition

BitMine’s aggressive ETH accumulation came after the company first signaled its pivot from Bitcoin mining to a crypto treasury strategy in June, adopting an “asset-light” model focused on capital markets and staking yields. But the scale and speed of its latest move reveal a deeper ambition: to position itself as the Strategy of Ethereum.

Tom Lee made the comparison explicit. He pointed to Strategy’s 597,000 BTC treasury, which has effectively become a “sovereign put” for institutional investors, creating a backdoor for large entities, including nation-states, to gain Bitcoin exposure without direct market impact.

“Similarly, ETH treasuries that accumulate 5% of ETH supply can benefit from a similar ‘Wall Street put,’” Lee said in the press release. The implication is clear: BitMine isn’t just hoarding ETH; it’s betting that corporate demand will mirror Bitcoin’s institutional adoption curve, with Ethereum as the next logical reserve asset.

The market’s initial reaction suggests some agree. BitMine’s stock (BMNR) surged 15% early Monday following the announcement, clawing back from a 65% drop earlier in the week tied to a $2 billion share offering.

The rebound underscores a growing narrative in crypto markets: investors still reward bold treasury bets, even when they defy conventional wisdom.