TLDR
- BitMine Immersion Technologies acquired 23,823 ETH worth $103.7 million on Thursday, according to onchain data reported by Lookonchain
- The company now holds 2.83 million ETH valued at approximately $12.4 billion, making it the largest corporate Ethereum holder
- Investment firm Kerrisdale Capital announced it is shorting BMNR stock, calling the digital asset treasury model “basic & unoriginal”
- BMNR stock fell 4.7% on October 9 following the short-seller announcement, closing at $56.90
- BitMine aims to accumulate 5% of Ethereum’s total supply and is led by Fundstrat co-founder Tom Lee
BitMine Immersion Technologies purchased 23,823 ETH tokens worth $103.7 million on Thursday, adding to its position as the world’s largest corporate Ethereum holder. The transaction was identified through onchain data tracked by Lookonchain, which cited information from Arkham Intelligence.
💥BREAKING:
TOM LEE’S BITMINE BUYS ANOTHER 23,823 $ETH WORTH $103.68M! pic.twitter.com/Z6ocpFMmZD
— Crypto Rover (@rovercrc) October 10, 2025
The ETH came from a BitGo wallet to an address identified as belonging to BitMine. The company has not publicly confirmed the purchase at this time.
BitMine now officially holds 2.83 million ETH, valued at around $12.4 billion. The company also maintains 192 Bitcoin worth over $23 million.
This makes BitMine the second-largest crypto treasury company behind Michael Saylor’s Strategy. The company is led by Tom Lee, co-founder of research firm Fundstrat.
BitMine has stated multiple times that it wants to accumulate 5% of Ethereum’s total supply. The company says it supports Ethereum’s expanding role in financial market services.
Short Seller Targets Stock
Investment firm Kerrisdale Capital announced on October 9 that it is shorting BMNR stock. The firm published its reasoning for the position, questioning the viability of digital asset treasury companies.
Kerrisdale said the digital asset treasury business model is becoming outdated. The firm argued that investors now have too many options to gain crypto exposure, including ETFs and direct purchases.
“The DAT playbook has become basic & unoriginal,” Kerrisdale stated. The firm said it is not betting against Ethereum itself but against investors paying a premium for indirect exposure.
Kerrisdale recommended that investors buy Ethereum directly, stake it, or use ETFs instead. The firm believes BitMine cannot maintain a premium over its actual ETH holdings long-term.
Market Response
BMNR stock dropped 4.7% on October 9 after Kerrisdale’s announcement. The stock closed at $56.90 and fell another 1.5% on Thursday to $59.10.
Ethereum traded down 1.4% over 24 hours to $4,384. Despite the recent decline, BMNR stock remains up nearly 30% over the past month.
Leadership Comparison
Kerrisdale also commented on Tom Lee’s leadership style compared to Michael Saylor. While Lee brings recognition as a market strategist and media personality, Kerrisdale said he lacks Saylor’s devoted following.
The firm noted that digital asset treasury companies worked well when they were among the few public options for crypto exposure. “That moment is long gone,” Kerrisdale wrote.
The investment firm said the market now has numerous vehicles for crypto investment. This includes identical treasury companies and multiple ETFs that have launched recently.
BitMine continues pursuing its stated goal of accumulating 5% of Ethereum’s supply. The company’s recent $104 million purchase represents its ongoing commitment to building its ETH position despite criticism from short sellers.
