24-8-2025 – Tom Lee’s BitMine Immersion Technologies has amassed more than 1.5 million Ethereum tokens valued at approximately $7.19 billion, including a recent $45 million purchase of nearly 9,500 ETH, as institutional capital increasingly favors Ethereum over Bitcoin for strategic allocations.
TOM LEE JUST BOUGHT $45 MILLION OF $ETH
BITMINE HOLDS $7 BILLION USD OF ETHEREUM
AND THEY’RE STILL BUYING pic.twitter.com/O0rNnSEKGT
— Arkham (@arkham) August 23, 2025
The mining firm’s aggressive accumulation strategy, with an average purchase price of $3,492, has generated close to $1.9 billion in unrealized gains as Ethereum trades above $4,770. Ethereum ETFs have captured institutional interest with $5.9 billion in assets under management over two months in 2025—a 125% increase—compared to Bitcoin ETFs’ $70 million gain in the same period.
The institutional shift reflects growing confidence in Ethereum’s utility beyond store-of-value functions. Ethereum whales holding 10,000-100,000 ETH added 200,000 tokens worth $515 million in Q2 2025, pushing their total holdings to 22% of circulating supply. Additionally, a major Bitcoin whale recently converted 4,000 BTC worth $460 million into 179,448 ETH, according to Lookonchain.
Market observers will track whether BitMine’s expanded $24.5 billion equity offering, partially earmarked for Ethereum purchases, signals broader institutional adoption of ETH as a core treasury asset alongside Bitcoin.
