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

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

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

The recovery comes after a rough month for BitMine, which saw its shares plummet more than 42% amid doubts over whether the ETH treasury business model is sustainable.

BitMine stock price (Source: Google Finance)

Shares are still down 6% in the past week, but are up 190% in the past six months and 270% so far this year. ETH is up 1% for trading in the last 24 hours $2,854.71 as of 11:27 am EST.

Still 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 that, BitMine reported on Nov. 21, fiscal 2025 net income 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 announced plans to launch a ‘Made-in America Validator Network,’ a special staking offering that will allow the company to put its vast ETH holdings to work.

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BitMine published results for the fourth quarter and full year (ending August 31, 2025).

FY results:
– GAAP earnings per share of $13.39 per share
– Net profit of $328 million
– Declaring an annual dividend of $0.01 per share

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

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

Bitwise says most Treasury companies will not maintain the premiums

Bitwise chief investment officer Matt Hougan said in an X wire that in the future most crypto treasury companies ‘will do’ trade at a discount, and only a few exceptional companies 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

“DATs thrived because of regulatory arbitrage,” he said. “That match is as good as over now.”

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