Tom Lee’s BitMine Technologies Adds 264K ETH on Price Dips, but BMNR Tanks 5%

Tom Lee’s Bitmine Technologies (NYSE: BMNR) revealed that its strategic Ethereum ETH $4 170 24h volatility: 6.7% Market cap: $503.78 B Vol. 24h: $49.14 B reserves have surpassed 2.4 million, equal to 2% of ETH’s total supply.

The news comes as ETH fell 6.28% on September 22, slipping below $4,200, while BMNR stock dropped 5% in pre-market trading.

Bitmine Technologies Total ETH Holdings Cross $11 Billion

BitMine Technologies announced the acquisition of an additional 264,378 ETH, bringing its total Ethereum holdings to 2,416,000 coins, over 2% of the total Ethereum network supply.

The company’s combined crypto and cash reserves now stand at $11.4 billion. This continued institutional accumulation amid growing interest in Ethereum and the broader cryptocurrency market.

Over the past three months, Tom Lee’s BitMine has been on an aggressive ETH buying spree and has emerged as the largest ETH corporate holder.

The company has steadily raised funds while accumulating ETH throughout the rally. Tom Lee emphasized Ethereum’s long-term potential, highlighting its role in driving blockchain adoption, financial transformation, and AI integration.

The ETH price came under significant selling pressure on September 22, leading crypto market liquidations in the last 24 hours. ETH is already down more than 15% from its all-time high, reflecting broader market weakness.

BMNR Stock Enters Selling Pressure Amid $365 Million Offering

On September 22, BitMine announced a securities purchase agreement to sell 5.2 million shares of common stock at $70 per share, representing a 14% premium over Friday’s closing price.

The company also issued warrants to purchase up to 10.4 million additional shares at $87.50 each.

The offering is expected to raise approximately $365 million from the stock sale alone, with potential total proceeds reaching $1.28 billion if all warrants are exercised.

Amid all this development, the BMNR stock has tanked 5% in the pre-market trading session, dropping under $60 once again. Tom Lee said:

“In our view, this 14% premium reflects not only strong institutional investor interest in the BitMine story, but also confidence in our execution as a Company. Institutional investors have told us BitMine remains the only large-cap US stock to give investors direct exposure to ethereum. By selling shares at $70 per share, compared to our $61.29 closing price, this is materially accretive to existing shareholders as the primary use of proceeds is to add to our ETH holdings.”

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