Tom Lee Says Ether Could Be Undervalued as Bit Digital Eyes $100M Raise and BitMine Expands 2.65M ETH Treasury

• BitMine leads with 2.65M ETH, over $11B in holdings.

• Bit Digital is raising $100M (plus $15M option) to increase its Ether treasury.

• Institutions and ETFs hold ~11.8M ETH — close to 10% of supply, signaling material institutional demand.

Meta description: Ether treasury growth: BitMine leads with 2.65M ETH; Bit Digital seeks $100M to expand holdings. Read implications and next steps now.

BitMine chairman Tom Lee thinks Ether is trading at a discount because future adoption of the blockchain by Wall Street and AI companies will drive it higher.

Digital asset company Bit Digital plans to raise $100 million through a convertible senior note offering to grow its Ether treasury, while BitMine Immersion Technologies has extended its lead as the largest Ether treasury company.

Bit Digital said in a statement on Monday it’s also offering an option for an extra $15 million in notes, with all net proceeds earmarked for more Ether (ETH) purchases, plus general corporate purposes, “including potential investments, acquisitions and other business opportunities relating to digital assets.”

Bit Digital currently holds more than 120,000 Ether and is the seventh-largest Ether treasury company tracked by StrategicEtherReserve. If successful in its raise, the company could purchase another 23,714 tokens, which would bump it up the list to sixth, ahead of crypto exchange Coinbase.

Source: Bit Digital

What is the current state of institutional Ether treasuries?

Institutional Ether treasury holdings have grown materially in 2025, totaling roughly 11.8 million ETH — just under 10% of supply. Large treasury companies and ETFs have been accumulating, with BitMine and SharpLink among the largest holders tracked by StrategicEtherReserve. This concentration increases institutional demand pressure on ETH markets.

How is Bit Digital planning to expand its Ether treasury?

Bit Digital announced a convertible senior note offering targeting $100 million, with a $15 million option. Proceeds are designated primarily for Ether purchases alongside corporate purposes. Current holdings exceed 120,000 ETH; a full raise could add ~23,714 ETH, moving Bit Digital up the institutional ranking.

Why has BitMine extended its lead in Ether holdings?

BitMine reported an expanded treasury of 2.65 million Ether (estimated value > $11 billion), surpassing second-place SharpLink Gaming at ~838,000 ETH. StrategicEtherReserve lists BitMine’s most recent large purchase on Sept. 26, when it acquired 234,000 ETH as part of a plan to hold ~5% of total supply.

BitMine’s average purchase price is reported at $4,141 per ETH; market pricing at the time was approximately $4,221 per CoinGecko data. Large, coordinated purchases amplify market visibility and may influence price discovery.

How do executive views shape the narrative around Ether demand?

BitMine Chairman Tom Lee called ETH “a discount to the future,” citing two converging supercycles — crypto and AI — that he believes will favor neutral public blockchains like Ethereum. Jan van Eck of VanEck made similar remarks, forecasting financial-services adoption of blockchain rails and predicting Ethereum as the preferred platform.

These expert statements underscore a broader institutional thesis: Ether’s long-term demand may be driven by stablecoin flows, DeFi growth, and on-chain infrastructure needs for AI and traditional finance.

How could institutional holdings affect ETH price action?

• Supply concentration: Institutions holding >11.8M ETH reduces liquid market supply.
• Demand tailwinds: Convertible-note purchases and ETF accumulation create predictable buy pressure.
• Market signaling: Company treasuries act as visible anchors that can influence retail and institutional strategies.

Frequently Asked Questions

How many Ether do institutional treasuries hold right now?

Institutions, treasury companies, and ETFs collectively hold about 11.8 million ETH in 2025, representing just under 10% of total supply according to industry trackers and public filings.

Will institutional buying push Ether prices higher?

Institutional accumulation reduces available float and can create sustained buying pressure. Historical analogs and expert commentary suggest meaningful treasury purchases can influence price discovery over time.

Key Takeaways

• Concentration: BitMine leads with 2.65M ETH; institutional holdings are a material share of supply.
• Fundraising-led demand: Bit Digital’s $100M convertible notes aim to accelerate treasury accumulation.
• Long-term thesis: Executives cite blockchain adoption by Wall Street and AI as structural demand drivers for Ethereum.

Conclusion

Institutional Ether treasuries are consolidating, with BitMine at the forefront and Bit Digital pursuing a sizable capital raise to expand its holdings. These moves, combined with executive views from industry leaders, reinforce a narrative of growing institutional demand for ETH. Watch treasury disclosures and ETF flows for the next signals and consider treasury strategy implications for corporate and institutional investors.