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4w ago

BitMine Immersion Raises $250M to Establish Ethereum Treasury with Tom Lee as Chairman

Shares have jumped over 400% as investors anticipate the July 3 closing, reflecting enthusiasm for BitMine’s ether strategy.

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Overview

  • BitMine secured $250 million through a private placement at $4.50 per share with backing from Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic.
  • Fundstrat founder Tom Lee was appointed chairman of BitMine’s board effective June 30 to steer its transition into an ether-focused treasury.
  • The company plans to use the proceeds to acquire ether as its primary reserve and deploy staking infrastructure via in-house validators and partnerships with Lido and Rocket Pool.
  • BitMine will track growth with an ether-per-share metric to measure its ETH holdings alongside its core bitcoin mining operations.
  • Upon closing around July 3, BitMine expects to rank among the largest publicly traded holders of ether, tapping into protocol-level yields and decentralized finance opportunities.