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BitMine Technologies, a crypto treasury company led by Tom Lee, shared today that it now owns 2.4 million Ethereum coins. This is more than 2% of the total Ethereum supply.

In the press release, the company said the coins are worth about $10.1 billion at today’s prices, making it the biggest company holder of Ethereum in the world. The company confirmed that it bought its coins at an average price of $4,500 each. This is about 7.25% higher than the current market price of $4,200. Even though the coins are worth less now than when they were bought, BitMine believes this is a smart move for the long run.

According to Strategic ETH Reserve data, no other corporate treasury holds as much ETH. The second biggest corporate holder is SharpLink Gaming, which owns 838,150 coins.

Bitmine Holding surpass other cooperate holding | Source: Strategic ETH Reserve

BitMine’s combined assets, including its cash, equity, and crypto combined, now total $11.4 billion. This places the firm as one of the biggest crypto treasuries, along with Strategy, which owns 639,835 coins worth over $74 billion.

Meanwhile, the company started buying ETH aggressively earlier this month, when it purchased 46,255 ETH for $200 million. It added $65 million more shortly after which increased its share of total supply to 1.5%.

To raise more money, BitMine sold 5.22 million shares at $70 each on September 22, which is a 14% premium compared to the September 19 closing price of $61.29. The company also issued 10.4 million warrants that can be used to buy shares later at $87.50 each. From the share sale alone, BitMine raised $365 million. If all warrants are used, it could collect as much as $913 million more.

BitMine stock (BMNR) Share Chart | Source: Yahoo Finance

But, despite this, BitMine stock (NYSE: BMNR) is down 10% in pre-market trading today. At the time of writing, it has dropped under $55 as Ethereum also slipped 7.42% on the same day, according to CoinMarketCap.

Also Read: Low-Risk DeFi Can Lead Ethereum, How Search Did For Google: Buterin

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BitMine Immersion Technologies (BMNR), chaired by Tom Lee, said Monday it now controls more than 2% of ether’s supply and raised $365 million to expand its holdings.

The company announced this morning that its treasury, valued at $11.4 billion as of Sept. 21, consists of 2,416,054 ETH at $4,497 per token, 192 bitcoin BTC$113,000.36, $345 million in cash and a $175 million equity stake in Eightco Holdings.

BitMine described itself as the world’s largest public holder of ether and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy Inc. (MSTR).

BitMine is chaired by Tom Lee, who is also head of research at Fundstrat and chief investment officer at Fundstrat Capital.

Lee said the company is pursuing what he calls the “alchemy of 5%,” aiming to accumulate 5% of the total ETH supply. “Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum,” Lee said.

Raising funds to grow the treasury

A few hours later, BitMine announced a securities purchase agreement with an institutional investor covering 5.2 million shares of common stock at $70 per share — about 14% above its Sept. 19 close — along with warrants for up to 10.4 million additional shares at $87.50.

The offering is expected to raise $365 million in gross proceeds, with the warrants potentially adding another $913 million, bringing total potential proceeds to about $1.28 billion.

Lee said the primary use of funds would be to expand BitMine’s ether holdings, calling the premium pricing “materially accretive” to existing shareholders.

BitMine added that institutional demand reflected growing interest in ethereum as Wall Street integrates blockchain into financial infrastructure.

As of 11:13 a.m. ET, BMNR shares were trading around $55.79, down 9% on the day, according to Google Finance.

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