Bitmine Immersion Technologies, a publicly traded Ethereum-focused company, recently moved $124 million worth of Ethereum from the exchange FalconX, a move signaling continued aggressive accumulation of the cryptocurrency. The transaction reflects the company’s broader strategy to grow its Ethereum treasury, which has seen significant expansion over the past few weeks. As of the latest update, Bitmine holds nearly 1.71 million ETH, representing a stake in the token supply of just under 1.5%. This position places it as the second-largest publicly traded crypto treasury after Michael Saylor’s Strategy, Inc. [2].
The recent movement of Ethereum comes as the price of ETH has surged to record highs, surpassing $4,900 for the first time in 2025. This price surge has contributed to a notable increase in Bitmine’s crypto net asset value (NAV) per share, which has grown by 75% since the end of July. The firm reported a $2.2 billion increase in its crypto and cash holdings for the week, with the Ethereum additions contributing largely to this growth. Bitmine’s chairman, Tom Lee, has been vocal about the company’s long-term Ethereum strategy, stating that Ethereum is “one of the biggest macro trades over the next 10-15 years.” [2]
Bitmine’s stock has shown mixed performance recently. On Wednesday, shares of Bitmine (NYSEMKT: BMNR) closed at $46.03, down nearly 8%, with trading volume surging to 63.8 million shares. This decline came after the company announced in mid-August a $20 billion equity raise to boost its Ethereum holdings. The recent purchase of nearly 200,000 ETH was part of that capital deployment. Some investors expressed concerns about potential dilution from the large issuance of new stock, which has led to volatility in the stock price. Despite the dip, the stock remains above its 52-week low and has a market capitalization of $7.98 billion. [3]
Ethereum’s recent price performance has drawn attention from both retail and institutional investors, with many analysts pointing to a shift in capital from Bitcoin to Ethereum. This trend has been supported by increased adoption of Ethereum-based financial infrastructure, including smart contracts and stablecoin transactions. Tom Lee, who also serves as managing partner at Fundstrat, recently predicted that Ethereum would not fall below $4,000 and could retest its all-time high of $4,946 in the near future [5]. Other industry analysts, however, have taken a more cautious approach, noting that Ethereum may need to consolidate gains before launching a new upward trend.
The growing Ethereum treasury movement has been driven by companies looking to align their balance sheets with the broader digital asset ecosystem. Bitmine is among a small but expanding group of firms that have shifted their focus toward Ethereum. The company has emphasized its leadership in the velocity of crypto NAV per share and the liquidity of its stock, which allows it to efficiently raise capital for further Ethereum purchases. According to data from StrategicETHReserve.xyz, Bitmine currently trades at an mNAV (market to net-asset-value) ratio of 1.0, indicating a balance between its market value and the underlying asset holdings. [2]
Analysts and investors continue to watch Bitmine’s capital deployment strategy and Ethereum price movements as potential catalysts for the stock’s future performance. The company’s recent large Ethereum purchases and continued capital raising efforts suggest a commitment to expanding its position in the second-largest cryptocurrency by market cap. As the broader crypto market evolves, Bitmine’s strategy appears to be aligned with long-term trends in Ethereum adoption and institutional interest in digital assets.
Source:
[1] Jim Cramer Says “You Don’t Want to Touch” Bitmine Immersion (https://finance.yahoo.com/news/jim-cramer-says-don-t-033713840.html)
[2] BitMine Ethereum Stash Nears $8 Billion After ETH Hits All … (https://finance.yahoo.com/news/bitmine-ethereum-stash-nears-8-161713262.html)
[3] Stock Market Today: Bitmine Immersion Technologies … (https://www.nasdaq.com/articles/stock-market-today-bitmine-immersion-technologies-drops-after-ethereum-purchase)
[4] Ether, Ethereum’s coin, breaks 2021 all-time high (https://www.axios.com/2025/08/24/ether-all-time-high)
[5] Fundstrat’s Tom Lee Predicts Ethereum Bottom and Rally … (https://decrypt.co/336896/fundstrats-lee-predicts-ethereum-bottom-rally-5000)
