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2h ago

BitMine Discloses 2.4M ETH and Prices $365 Million Stock Sale at $70 as Shares Fall

Proceeds are earmarked to expand its Ethereum treasury toward a stated 5% supply goal.

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Tom lee’s bitmine sells stock at $70 to raise additional $365m for eth treasury
Tom Lee's BitMine discloses 2.4 million Ethereum and over $11 billion in total assets
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Overview

  • The company reported 2,416,054 ETH—slightly over 2% of circulating supply—plus 192 BTC, $345 million in cash, and a $175 million Eightco stake, for roughly $11.4 billion in crypto-and-cash assets.
  • BitMine entered a registered direct offering for 5,217,715 shares at $70 and issued warrants for up to 10,435,430 shares at $87.50, targeting $365.24 million in gross proceeds and about $1.28 billion if warrants are fully exercised for cash.
  • Management said the capital raise is intended to fund additional ETH purchases under its "Alchemy of 5%" strategy.
  • The latest accumulation included about 264,378 ETH purchased last week, extending a rapid buying program that escalated through the summer.
  • BMNR traded 5–10% lower intraday following the disclosures, while the company emphasized strong institutional support and its position as the largest corporate holder of Ethereum and the second-largest crypto treasury overall.