Ethereum-focused strategy attracts top crypto investors as BitMine stock surges on bold treasury pivot
BitMine Immersion Technologies (BMNR) has announced a $250 million private placement of common stock to establish a dedicated ether (ETH) treasury—positioning the company among the largest publicly traded holders of Ethereum once the deal closes on July 3. The financing marks a major strategic shift for the Las Vegas-based crypto miner and signals growing institutional support for Ethereum as a reserve asset.
Priced at $4.50 per share, the funding round attracted an impressive roster of crypto-focused investors, including Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Republic. Cantor Fitzgerald advised lead investor MOZAYYX, while ThinkEquity served as the placement agent.
In a statement, BitMine emphasized Ethereum’s dominant role in the blockchain ecosystem, citing its leadership in stablecoin payments, tokenized assets, and decentralized finance (DeFi) applications. By holding ETH directly, the company aims to unlock the benefits of Ethereum’s native functionalities—including staking and DeFi engagement—which are not available through traditional treasury strategies.
“This move enables BitMine to participate in protocol-level economics, including staking rewards and decentralized finance mechanisms,” the company said in its release.
Alongside the treasury shift, BitMine announced the appointment of veteran crypto strategist and Fundstrat founder Thomas Lee as Chairman of the Board. Known for his long-standing bullish stance on digital assets, Lee stated the capital raise reflects “the rapid and continued convergence of traditional financial services and crypto.” He also introduced a novel key performance metric for the company: ether per share.
The decision to prioritize ETH over bitcoin (BTC) in treasury strategy differentiates BitMine from most other public firms in the crypto space. SharpLink Gaming (SBET) is one of the few companies with a notable ETH reserve, recently increasing its holdings to 188,478 ETH.
Investors responded enthusiastically to the announcement. BitMine’s stock more than tripled in premarket trading, jumping to nearly $14—a surge that underscores market confidence in its Ethereum-first approach.
With this aggressive move into ether and a strengthened leadership team, BitMine is signaling its ambition to be at the forefront of crypto-native finance in the public markets.
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