Tom Lee’s BitMine Buys $82 Million ETH, Shares Soar 11%

Tom Lee’s BitMine Immersion Technologies bought $82 million Ethereum (ETH), sending its shares soaring 11%.

According to on-chain data from Arkham Intelligence cited by Lookonchain, the world’s largest ETH treasury company bought another 28,625 tokens.

The bounce back comes after a rough month for BitMine during which its shares plummeted more than 42% amid doubts over whether its ETH treasury business model is sustainable.

BitMine share price (Source: Google Finance)

The shares are still down 6% in the past week but have soared 190% in the past six months and 270% so far this year. ETH is up 1% in the past 24 hours to trade at $2,854.71 as of 11:27 a.m. EST.

Still, DropsTab estimates that the 27.5% plunge in the ETH price in the past month has left BitMine sitting on an unrealized loss of $4.39 billion on its ETH holdings.

Despite that, BitMine reported on Nov. 21 a net income for its 2025 fiscal year of $328.1 million, with earnings per share coming in at $13.39. 

The company also declared its first annual dividend of $0.01 per share, and disclosed plans to launch a “Made-in America Validator Network,” which is a dedicated staking offering that will see the company put its massive ETH holdings to work. 

Bitwise Says That Most Treasury Firms Won’t Sustain Premiums

Bitwise chief investment officer Matt Hougan said in an X thread that in future most crypto treasury firms ”will trade at a discount, and only a few exceptional firms will trade at a premium.”

Meanwhile, spot crypto ETFs are likely to become ”DAT killers,” Nate Geraci, president of NovaDiusWealth, said in a post on X, referring to Digital Asset Treasury firms such as BitMine.

”DATs thrived via regulatory arbitrage,” he said. ”That game is pretty much over now.”