Chairman Tom Lee Calls Ether a “Discount to the Future” Amid Institutional Demand
BitMine Immersion Technologies has widened its lead as the world’s largest Ether treasury holder, while Bit Digital announced plans to raise $100 million to expand its ETH holdings, underscoring accelerating institutional adoption of Ethereum.
Bit Digital Seeks $100M for Ether Purchases
Bit Digital said on Monday it will issue convertible senior notes worth $100 million, with an option to raise an additional $15 million. Proceeds will primarily go toward acquiring more Ether (ETH), alongside general corporate initiatives and digital asset investments.
The company already holds more than 120,000 ETH, placing it seventh on the StrategicEtherReserve rankings. If the raise is successful, it could add roughly 23,700 tokens, enough to overtake Coinbase as the sixth-largest Ether treasury holder.
BitMine’s Treasury Crosses 2.65 Million ETH
Meanwhile, BitMine revealed it now holds 2.65 million ETH—valued at over $11 billion—after acquiring 234,000 tokens on Sept. 26. This strengthens its lead over the second-largest holder, SharpLink Gaming, which maintains about 838,000 ETH.
BitMine estimates its average purchase price at $4,141, slightly below Ether’s current trading level of $4,221, according to CoinGecko. The firm has set a long-term target of securing 5% of total ETH supply.
BitMine Chairman Tom Lee described Ether’s current price as “a discount to the future,” pointing to two supercycles forming in late 2025: the crypto boom and the rise of artificial intelligence.
“Both require neutral public blockchains, making Ethereum the premier choice. We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years,” Lee said. He added that Wall Street’s adoption of blockchain and AI integration will reshape finance, with Ethereum at the center.
Institutions Accelerating ETH Holdings
Institutional players now hold over 11.8 million ETH across treasuries and ETFs—close to 10% of total supply. Market leaders suggest this accumulation could impact Ethereum similarly to how MicroStrategy’s Bitcoin purchases influenced BTC flows.
Jan van Eck, CEO of VanEck, recently noted Ethereum is best positioned for financial services adopting stablecoin settlement, while other analysts see the race for Ether treasuries potentially sparking a “DeFi Summer 2.0” on an institutional scale.
With both treasury expansion and Wall Street interest accelerating, many observers argue Ethereum’s long-term fundamentals remain strong. As Lee put it, the combination of crypto and AI adoption suggests ETH is “a generational trade in the making.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.