BitMine Immersion Technologies announced that its holdings of Ethereum (ETH) and ETH equivalents have surpassed $1 billion. This significant milestone was achieved just seven days after the company closed its initial $250 million private placement.
As of July 17, 2025, at 3:45 a.m. ET, the company's ETH holdings totaled 300,657 tokens, valued at $3,461.89 per ETH. This total includes 60,000 ETH held through in-the-money options, backed by $200 million of unencumbered cash.
The rapid accumulation demonstrates BitMine's aggressive pursuit of its goal to acquire and stake 5% of the overall ETH supply. CEO Jonathan Bates stated that acquiring $1 billion of ETH is a clear signal of the company's conviction in Ethereum's long-term value.
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