BitMine Immersion, a company transitioning from Bitcoin mining to treasury management, has significantly increased its Ethereum holdings, now accounting for 3% of the total supply. The firm, led by chair Tom Lee, invested an additional $200 million in Ethereum, citing an asymmetric risk/reward opportunity as the cryptocurrency trades near $2,500. This acquisition boosts BitMine's total Ethereum assets to over $10 billion, moving closer to its target of owning 5% of the total supply.