TLDR
- BitMine Immersion Technologies (BMNR) raised $250 million through private placement to build an ether treasury
- Stock price tripled to nearly $14 in premarket trading, with shares up 222% initially and later surging 400%
- Fundstrat’s Thomas Lee joined as Chairman of the Board, bringing Wall Street crypto expertise
- Financing included major investors like Founders Fund, Pantera Capital, Galaxy Digital, and Kraken
- Company will rank among largest publicly traded ETH holders when deal closes July 3
BitMine Immersion Technologies has completed a major transformation that sent its stock soaring. The Las Vegas-based mining company secured $250 million through a private placement of common stock.
The funds will launch an ether treasury strategy. BitMine plans to become one of the largest publicly traded holders of ETH when the deal closes on July 3.
$BMNR BitMine Immersion Technologies Announces $250 Million Private Placement to Initiate Ethereum Treasury Strategy; Expected to Become One of the Largest Publicly Traded ETH Holders:https://t.co/9oKujk19BG pic.twitter.com/Cs7015aSgo
— Filing Tracker (@FilingsTracker) June 30, 2025
The financing was priced at $4.50 per share. Lead investor MOZAYYX brought together a roster of crypto heavyweights including Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Republic.
Cantor Fitzgerald advised MOZAYYX on the transaction. ThinkEquity handled the placement of the deal.
The company’s stock responded dramatically to the news. Shares initially jumped 222% in premarket trading to nearly $14. The surge later expanded to 400% as investors digested the strategic shift.
Leadership Shake-Up Brings Wall Street Veteran
The financing comes with a major leadership change. Fundstrat founder Thomas Lee joined BitMine as Chairman of the Board of Directors.
Lee brings decades of Wall Street experience and crypto research credentials. The veteran analyst has been a frequent CNBC guest advocating for crypto adoption.
“This transaction includes the highest quality investors across TradFi and crypto venture capital,” Lee said. He described the deal as reflecting “the rapid and continued convergence of traditional financial services and crypto.”
Lee established a new performance metric for BitMine. The company will now track ether per share as a key indicator.
Strategic Rationale for Ethereum Focus
BitMine justified its choice of ether over other cryptocurrencies. The company cited Ethereum’s dominance in stablecoin payments, tokenized assets, and decentralized finance applications.
“By having a direct ETH treasury position, the company has access to native protocol-level activities,” BitMine explained. These include staking rewards and decentralized finance mechanisms on the Ethereum network.
Lee emphasized Ethereum’s potential as traditional finance moves onchain. He believes increased stablecoin adoption will drive demand for Ethereum’s network.
“Stablecoins have proven to be the ‘ChatGPT’ of crypto,” Lee stated. He noted their rapid adoption by consumers, merchants, and financial service providers.
The strategy mirrors successful bitcoin treasury plays. MicroStrategy has gained 1,700% since 2023 by accumulating bitcoin and using it as collateral for additional purchases.
BitMine joins a small group of public companies building ether treasuries. SharpLink Gaming currently holds 188,478 ETH in its treasury.
Most other public companies with crypto treasuries focus on bitcoin. BitMine’s ethereum approach represents a different bet on crypto’s future.
The deal positions BitMine to benefit from ethereum’s growth. The company expects to participate in protocol-level activities beyond simple price appreciation.
Trading volume surged as investors processed the strategic pivot. The stock’s dramatic price movement reflects market enthusiasm for the treasury strategy.
The July 3 closing date will officially complete BitMine’s transformation into an ethereum treasury company.
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