BitMine Reaches 2.65M ETH, Bit Digital Seeks $100M Raise
BitMine Immersion expanded its ETH treasury to 2.65 million tokens. It acquired 234,000 ETH at an average price of $4,141, bringing its total holdings above $11 billion and solidifying its lead as the top institutional Ethereum treasury.
Bit Digital announced a $100 million convertible senior note offering, plus a $15 million option, aimed at buying about 23,714 ETH. If fully executed, its holdings would rise above 140,000 ETH, ranking it sixth on the institutional list.
Together, institutional treasuries and ETFs now hold over 11.8 million ETH—almost 10% of supply—underscoring growing institutional adoption. BitMine chairman Tom Lee says Ether is trading at a “future discount” ahead of an expected crypto–AI supercycle in late 2025.
This concentration of ETH in large treasuries cuts the free float. Coupled with predictable institutional buying, it underpins a bullish outlook. Traders may see renewed momentum and a potential DeFi summer.
Bullish
BitMine’s move to add 234,000 ETH and Bit Digital’s $100 million convertible note offering signal immediate buying pressure and reduced free float, which can support near-term price stability and upside. Over the long term, the concentration of over 11.8 million ETH in institutional treasuries—nearly 10% of supply—combined with Tom Lee’s forecast of a crypto–AI supercycle convergence, points to sustained demand. Such predictable institutional accumulation historically precedes bullish cycles and may catalyze a renewed DeFi rally.