Tom Lee's BMNR Call Option Valuation Could Yield Billions

Tom Lee, chairman of BitMine, could become a billionaire through a single trade. He holds a 10-year, 5% BMNR call option valued between $300-$350 million. Since joining BitMine on June 30th when ETH was $2500, the price has risen 88% to $4700.

BitMine Immersion Technologies, led by Fundstrat founder and CIO Thomas "Tom" Lee, has significantly expanded its at-the-market equity program. The company has filed to raise its program by $20 billion, pushing its total capacity to $24.5 billion [1]. The proceeds will finance future acquisitions of Ethereum (ETH), with the goal of holding 5% of the total supply. This expansion represents a more than five-fold increase from the company’s previous authorization of $4.5 billion [1].

BitMine has already utilized approximately $4.5 billion of its prior authorization through sales under its existing agreement [1]. The common stock offering will be conducted through sales agents from Cantor Fitzgerald & Co. and ThinkEquity LLC, who will receive a commission of up to 3% on gross proceeds [1]. The shares will be sold through various methods, including direct trading on the NYSE American exchange, where BitMine trades under the symbol "BMNR."

BitMine's aggressive accumulation strategy has paid off. The company now holds over 1 million ETH valued at approximately $5 billion [2]. This represents a 317,126 token increase, worth around $2 billion, from its previous holdings of over 833,000 ETH [2]. BitMine's holdings now make it the largest corporate holder of Ethereum, with a market cap of $7.52 billion [3].

The company's stock, BMNR, has seen an explosive rally, trading at $67.62, up 111% since Wednesday after an impulsive move from the $32 level [3]. This rally comes as BitMine continues its aggressive ETH accumulation spree. Tom Lee, co-founder of Fundstrat and chairman of the board of directors for BitMine, reiterated the company’s goal of acquiring 5% of all the ETH in existence [3].

Lee's strategic position at BitMine could potentially make him a billionaire. He holds a 10-year, 5% BMNR call option valued between $300-$350 million [1]. Since joining BitMine on June 30th when ETH was $2500, the price has risen 88% to $4700. This significant increase in ETH's value could lead to substantial gains for Lee and BitMine.

References:
[1] https://cryptobriefing.com/ethereum-treasury-expansion-bitmine/
[2] https://cryptobriefing.com/ethereum-treasury-holdings-bitmine-2/
[3] https://dailyhodl.com/2025/08/11/tom-lees-bitmine-immersion-bmnr-explodes-119-in-just-four-trading-days-as-eth-resumes-comeback/