Tom Lee’s Ethereum treasury BitMine now holds $8 billion in Ether and Bitcoin

Digital asset-focused investment firm B Strategy announced its initiative to launch a Nasdaq-listed BNB treasury company with an aim to raise $1 billion.

"The initiative intends to operate through a U.S.-listed vehicle not only to hold BNB as a treasury but also to become the ‘Berkshire Hathaway’ of the BNB ecosystem," the press release said. 

B Strategy's yet unnamed BNB treasury company will receive strategic support from YZi Labs, the investment firm led by Binance co-founders Changpeng Zhao and Yi He. YZi Labs will provide funding support as well as ecosystem support by connecting the project with its partners, a representative told The Block.

B Strategy said it will also leverage its extensive footprint in the Asia-Pacific region for liquidity, market intelligence and distribution, adding that several prominent Asia-based family offices have already joined as anchor investors.

Apart from operating a BNB treasury, the company will input capital and resources for investing in core technology development, providing grants for projects, and supporting community initiatives, the release said.

The company's Nasdaq listing and the $1 billion raise is expected to be completed within a few weeks, the YZi Labs representative told The Block.

After the notable success of Michael Saylor's strategy, dozens of companies have established their own corporate crypto treasuries. While most of these treasuries are built on Bitcoin and Ethereum, some companies are diversifying into other altcoins like Solana, XRP and Dogecoin.

Once launched, B Strategy's new company will join multiple other companies that offer leveraged exposure to BNB.

BNC, a subsidiary of CEA Industries, purchased 200,000 BNB for $160 million earlier this month, effectively becoming the largest publicly listed holder of the cryptocurrency. BNC previously closed a $500 million private placement led by YZi Labs and 10X Capital.

Binance's exchange token BNB is currently the world's fifth largest cryptocurrency with a $121.9 billion market capitalization. It is trading at $873.8, down 0.22% in the past 24 hours, according to The Block's BNB price page.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Japan’s Finance Minister Katsunobu Kato recognized that cryptocurrencies deserve a place in diversified investment portfolios.

According to a Monday Bloomberg Japan report, Kato acknowledged the role of cryptocurrencies in a diversified investment portfolio during a speech. He was addressing the public from the stage during his keynote at Web3 Conference WebX 2025 in Tokyo.

“While crypto assets carry the risk of high volatility, by establishing a proper investment environment, they can become an option for diversified investment,” Kato said.

Japan’s minister of finance added that, considering the growing user base, he intends to focus on creating a sound trading environment for cryptocurrencies.

Tom Lee’s pivot to Ethereum continues in full force as his BitMine Immersion Technologies has made another big splash by spending $800 million in a week to accumulate more of the world’s second-largest cryptocurrency.

The firm’s crypto stash has grown to over $8 billion, placing it in second position, trailing only Michael Saylor’s Strategy, which holds $71 billion in BTC.

The company’s press release, shared earlier today, reads that its crypto + cash holdings have skyrocketed to $8.82 billion. However, these calculations were made from yesterday’s prices, which were higher than the current market valuations following theSunday evening crash.

BitMine now holds almost 1,714,000 ETH, 192 BTC, and “unencumbered cash of $562 million.” As such, the firm remains the world’s largest Ethereum treasury entity. It launched its strategy in late June this year and has a substantial lead over SharpLink, which is the second in the Ethereum chain with over 740,750 ETH in its bags.

BitMine had a big last week, as the PR reads about a massive purchase of $2.2 billion worth of ETH and other cash holdings. This meant that it had added 190,500 ETH to bring its total to the current 1,713,899, while the remaining is still cash.

Fundstrat’s Tom Lee, who is also BitMine’s Chairman and has made somemassive ETH price predictionsin the past, said the following:

“We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.”

ETH’s price jumped to a new all-time high of roughly $4,950 yesterday, but the market-wide crash drove it south by $400. Still, the asset is up by over 25% since the start of August.

Over the past 24 hours, the global crypto market fell 2.8%, sliding to $3.92 trillion. Bitcoin also dipped below $111,000, showing weakness across the market. Despite the red, veteran trader Matthew Dixon sees opportunity, suggesting this dip could be a prime “buy-the-dip” zone, setting Bitcoin up for its next upward move.

Bitcoin at Buy-the-Dip Zone

According to Dixon’s chart analysis, the current Bitcoin price could offer a good chance to buy and accumulate positions. The largest cryptocurrency has dropped by 3.08%, reaching $110,735.02. Its market dominance has also fallen slightly to 58.2%.

As of now, it is trading in a key “buy-the-dip” range between $108,000 and $110,000. Dixon notes that as long as Bitcoin stays in this zone, the overall bullish trend remains intact.

Supporting this view, Veteran crypto trader Michael van de Poppe also believes that the current dip is a potential opportunity to accumulate BTC. Additionally, trading volume patterns on the charts strengthen this outlook, suggesting that buyers could step in at these levels.

Bitcoin To Revist $120K Again!

What makes Dixon’s analysis different is his calm approach. He doesn’t panic over short-term drops and sees the pullback as a normal part of the market cycle. According to him, “Bitcoin is still bullish,” and the chart shows that after this correction, the next move could take it toward $120K.

For traders, this dip could be a good chance to buy before the next rise.

Altcoins Follow Bitcoin, But Opportunities Arise

Furthermore, Dixon points out that Ethereum and other major altcoins have dropped along with Bitcoin. However, in the past 24 hours, 166,122 traders were liquidated, totaling $837.79 million.

Meanwhile, this kind of broad weakness can create rotation opportunities for traders. Dixon highlights that lower liquidity in altcoins can make their price moves sharper when buyers return.

Grayscale has set its sights on Avalanche. The digital asset manager has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to convert its Avalanche Trust into a spot Avalanche ETF.

If cleared, the fund would trade under the AVAX ticker and give investors direct exposure to Avalanche through traditional brokerage accounts.

This is a move that could boost institutional access and credibility for the altcoin.

Grayscale’s Next Big ETF Push

The filing shows Coinbase Custody lined up as custodian, with BNY Mellon acting as administrator and transfer agent. Nasdaq, which already submitted a 19b-4 filing in March 2025 to list the ETF, remains a key player.

Grayscale Investments filed a registration statement with the U.S. Securities and Exchange Commission that aims to convert its existing Avalanche Trust into a publicly traded spot ETF on Nasdaq, providing regulated exposure to AVAX, the native token of the Avalanche blockchain, according to the S-1 filed on Aug. 22.

Avalanche is a proof-of-stake Layer 1 blockchain focused on fast finality and known for its “subnets” architecture. Under the S-1, creations and redemptions would occur via authorized participants in cash, with Coinbase providing prime brokerage services around spot AVAX execution and custody. BNY Mellon is slated to be the administrator and transfer agent.

Grayscale said the Avalanche trust will remain a passive vehicle designed to mirror the price of AVAX, while also reflecting any AVAX earned via staking, if certain conditions are met and staking is implemented. The trust won’t use leverage, derivatives, or similar strategies and does not aim to generate returns beyond tracking AVAX and any eligible staking rewards. If staking proceeds, the issuer expects to keep up to 85% of the trust’s AVAX staked at all times, subject to the staking condition. During staking, the provider cannot transfer unstaked AVAX or any staking consideration to another Avalanche address, according to the filing.

The product adds to Grayscale’s push to expand beyond bitcoin and ether vehicles. Currently, the firm manages two of the largest spot BTC ETFs with $25 billion in cumulative assets. It also issues the second-biggest ether fund on Wall Street, which boasts over $5 billion in assets, The Block’s data dashboard shows.

Earlier this month, NYSE Arca filed a rule change to list and trade shares of the Grayscale Dogecoin Trust as a spot ETF. Nasdaq submitted 19b-4 documents with the SEC to list and trade shares of Grayscale’s proposed Avalanche ETF back in March. The issuer is also bidding to launch funds for assets like SOL, ADA, and LTC, and has pressed the SEC for permission to debut its multi-crypto fund.

Several other firms are also vying to enlarge the digital asset ETF cohort in the U.S., especially as President Donald Trump's pro-crypto administration installs friendly rules for the industry. Asset managers, including Grayscale, Bitwise, Canary, CoinShares, Franklin, 21Shares, and WisdomTree, filed amendments to their proposed spot XRP ETFs on Friday. Bloomberg Intelligence ETF analyst James Seyffart said the move was expected but a “good sign.”

Separately, Grayscale’s corporate roadmap has advanced this year with founder Barry Silbert returning as chairman and the company preparing for a potential initial public offering via confidential SEC filings.

AVAX was down over 4% on Monday at $24 per coin and a $10 billion market cap, The Block’s price page shows.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.