BitMine Immersion, a company led by Tom Lee, once a Bitcoin miner and now the largest Ethereum treasury holder, has increased its holdings to 2,416,054 Ethereum, valued at approximately $10.1 billion. BitMine now controls more than two percent of the total circulating supply.

Since mid-September, BitMine has acquired approximately 264,000 Ethereum, valued at $1.1 billion. This significantly surpasses other large Ethereum holders such as Joe Lubin’s SharpLink (838,150 ETH) and The Ether Machine (495,360 ETH). Overall, BitMine ranks second among the largest public crypto treasuries, behind Michael Saylor’s Strategy (639,835 BTC).

The goal: BitMine aims to control five percent of the total Ethereum supply in the long term; currently, it controls approximately six million Ethereum. Lee calls the blockchain one of the “biggest macro trades of the next ten to fifteen years.”

At the same time, BitMine announced a capital raise of $365 million at a 14 percent premium to its share price, with the option to raise a total of $1.28 billion. The proceeds will be used almost entirely for new ETH purchases.

Backers include heavyweights such as Ark Invest (Cathie Wood), Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital. This is another sign of growing institutional interest in Ethereum.

Ethereum experienced a veritable boom in August: Spot ETFs recorded net inflows of around $3.9 billion, over $1 billion on August 11 alone. The funds’ assets under management jumped by more than $8 billion to $28.6 billion, while ETH climbed to a new all-time high of $4,800.

Growth slowed in September, along with an overall weakening crypto market. Ethereum is currently trading at around $4,100, 154% below its all-time high.