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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.
🧵BitMine posted fiscal 4Q and full-year results (ending Aug 31, 2025).
FY results:– GAAP EPS of $13.39 per share– Net income of $328 million– Declare annual dividend of $0.01 per share
Operational highlights:– $BMNR staking solution to be named MAVAN– “Made in America…
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) November 21, 2025
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.”
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