The stock price of BMNR, the U.S.-listed company Bitmine, surged up to 37 times its original value, peaking at $161, after announcing the purchase of Ethereum as treasury reserves on June 30, 2025. Subsequently, the stock price retreated and hovered around the $30 range for a month. In recent days, the stock price has rebounded again, reaching a high of $69 on August 11.
Currently, Bitmine has become the institution holding the largest amount of Ethereum through continuous ETH purchases, with cumulative holdings reaching 1.15 million ETH.
Compared to other Ethereum "MicroStrategy" companies, Bitmine has a stronger Wall Street background. Public records show that ARK Invest, led by Cathie Wood ("Cathie Wood"), and Founders Fund are among its shareholders. The renowned Wall Street analyst Tom Lee serves as the company's board chairman, and after taking office, he drove the company's transformation from a traditional Bitcoin mining enterprise to an Ethereum core reserve asset platform.
With its capital strength, management team, and strategic positioning, Bitmine has stood out among multiple ETH "MicroStrategy" companies, securing its position as the industry's "big brother."
Bitmine's Rise in the Ethereum Ecosystem and Wall Street Support
In recent years, as the Ethereum ecosystem rapidly expanded, more institutions have begun incorporating ETH into their core asset allocations. Bitmine, as a company that successfully transitioned from traditional Bitcoin mining, has quickly risen to become one of the largest holders of Ethereum through continuous ETH purchases. According to the latest public data, Bitmine holds as much as 1.15 million ETH, and its ongoing buying spree has further strengthened its influence in the Ethereum ecosystem.
Another figure who cannot be overlooked is Tom Lee, the board chairman. He has not only played a key role in driving the company's transformation from pure mining operations to an Ethereum core reserve asset platform but has also injected significant confidence into the broader crypto market. His active public endorsements undoubtedly played a crucial role in Ethereum's recent price surge.
Bitmine's uniqueness is also reflected in its Wall Street and U.S. VC background. Prominent investment firms ARK Invest and Founders Fund are among its shareholders. The endorsement of Bitmine by ARK Invest, led by "Cathie Wood," reflects traditional financial giants' confidence in ETH. "Cathie Wood" was persuaded by Tom Lee to enter Ethereum and Bitmine.
Compared to other Ethereum "MicroStrategy" companies, Bitmine has gradually distinguished itself with its strong capital backing, professional management team, and clear strategic positioning, now firmly holding the top spot among Ethereum "MicroStrategy" firms.
The recent surge in BMNR's stock price coincided with Ethereum breaking through the $4,000 mark, which ignited market sentiment. Both ETH and BMNR rose sharply. According to an analysis by crypto KOL @_FORAB, Tom Lee is of Korean descent. Currently, in South Korea, ETH and BMNR are akin to what Luna was in its heyday. Whether it's ETH or BMNR, they have sparked an investment frenzy among Korean investors. Currently, South Korea's largest crypto exchange, Upbit, sees ETH's daily trading volume exceed BTC's by about 70%. Data from the Korea Securities Depository shows that since early July, Korean retail investors have net purchased $259 million worth of BMNR stock, making it the most-bought overseas security during that period.
On August 11, BMNR reached a historic high trading volume of $9.272 billion, ranking 7th in the U.S., with its trading volume even surpassing its market capitalization. The turnover rate was as high as 142.54%.
Potential Risks of Continuously Issuing Shares to Buy ETH
Bitmine currently holds 1.15 million ETH, worth nearly $5 billion. How did it acquire these ETH?
According to its public announcements, the company primarily raised funds through private placements and share issuances to purchase Ethereum. At the end of June 2025, Bitmine signed a private placement agreement to buy and sell 55,555,556 shares of common stock at $4.50 per share, raising $250 million to purchase ETH.
On July 24, news emerged that Bitmine increased its ATM program (a more flexible way to issue additional shares to the market) from $2 billion to $4.5 billion, meaning it could raise up to $4.5 billion through this flexible issuance method in the future, with the funds explicitly earmarked for increasing ETH holdings and expanding asset reserves.
The ATM issuance allows for flexible adjustment of fundraising pace based on market conditions, avoiding the need to issue a large number of shares at once and depress the stock price.
At the end of July, the company also announced a $1 billion stock buyback plan. This move essentially involves using company funds to repurchase its own shares from the market, with the funds ultimately flowing to shareholders who sell their shares. The core purpose is to boost the stock price and increase shareholder confidence.
The advantage of this approach—continuously issuing shares to raise funds for ETH purchases—is that it leverages secondary market investor capital to quickly establish a leading position in Ethereum reserves. This method is inherently a "leveraged" model, differing from traditional crypto companies that rely solely on their own profits to buy coins and from MicroStrategy's approach of issuing convertible bonds to purchase BTC.
From a risk perspective, this method does not increase the company's debt burden but dilutes existing shareholders' equity. Moreover, if the stock price weakens due to a broader market downturn or ETH price volatility, the company's ability to raise funds through share issuance could be significantly hampered. Essentially, the prices of ETH and the stock are highly correlated, presenting substantial risks.
