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

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

According to chain data from Arkham Intelligence cited by Lookonchain, the world’s largest ETH treasury company, purchased an additional 28,625 tokens.

The rebound comes after a rough month for BitMine in which its shares fell more than 42% amid doubts about the viability of its ETH cash business model.

BitMine stock price (Source: Google Finance)

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

Nonetheless, DropsTab estimates that the 27.5% drop in ETH price over the past month has left BitMine with an unrealized loss of $4.39 billion on its ETH holdings.

Despite this, BitMine reported on November 21, net income for its 2025 fiscal year of $328.1 million, with earnings per share of $13.39.

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

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BitMine has released its fiscal fourth quarter and full year results (ending August 31, 2025).

Results of the exercise:
– GAAP EPS of $13.39 per share
– Net profit of $328 million
– Declare an annual dividend of $0.01 per share

Operational highlights:
– $BMNR staking solution which will be called MAVAN
– “Made in America…

– Bitmine (NYSE-BMNR) $ETH (@BitMNR) November 21, 2025

Bitwise says most treasury companies won’t maintain their bonuses

Bitwise Chief Investment Officer Matt Hougan said in an thread that in the future, most crypto treasury companies “will trade at a discount, and only a few exceptional companies trade at a premium.

Meanwhile, crypto spot ETFs are likely to become “DAT killers,” Nate Geraci, president of NovaDiusWealth, said in an article on X, referring to digital asset treasury companies such as BitMine.

“DATs have thrived on regulatory arbitrage,” he said. “This game is basically over now.”

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