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

Ether treasury consolidation is accelerating: BitMine now holds 2.65 million ETH, while Bit Digital plans a $100M convertible note to buy more Ether, potentially adding ~23,714 ￰0￱ holdings now exceed 11.8M ETH, pushing institutional demand as a major price driver for ￰1￱ leads with 2.65M ETH, over $11B in ￰2￱ Digital is raising $100M (plus $15M option) to increase its Ether ￰3￱ and ETFs hold ~11.8M ETH — close to 10% of supply, signaling material institutional ￰4￱ treasury growth: BitMine leads with 2.65M ETH; Bit Digital seeks $100M to expand ￰5￱ implications and next steps ￰6￱ 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 ￰7￱ 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 ￰8￱ 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 ￰9￱ 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.), surpassing second-place SharpLink Gaming at ~838,000 ￰10￱ 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 ￰11￱ 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 ￰12￱ van Eck of VanEck made similar remarks, forecasting financial-services adoption of blockchain rails and predicting Ethereum as the preferred ￰13￱ 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 ￰14￱ could institutional holdings affect ETH price action?

Supply concentration: Institutions holding >11.8M ETH reduces liquid market ￰15￱ tailwinds: Convertible-note purchases and ETF accumulation create predictable buy ￰16￱ signaling: Company treasuries act as visible anchors that can influence retail and institutional strategies. , "description": "BitMine grows to 2.65M ETH while Bit Digital files to raise $100M to expand Ether treasury holdings, a sign of rising institutional demand for ETH." 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 ￰17￱ institutional buying push Ether prices higher?

Institutional accumulation reduces available float and can create sustained buying ￰18￱ analogs and expert commentary suggest meaningful treasury purchases can influence price discovery over ￰19￱ 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 ￰20￱ Institutional Ether treasuries are consolidating, with BitMine at the forefront and Bit Digital pursuing a sizable capital raise to expand its ￰21￱ moves, combined with executive views from industry leaders, reinforce a narrative of growing institutional demand for ￰22￱ treasury disclosures and ETF flows for the next signals and consider treasury strategy implications for corporate and institutional investors.