Overview

• BitMine raised $250 million through a private placement at $4.50 a share led by investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic.
• Fundstrat founder Tom Lee joined as chairman of the board to guide the company’s shift toward Ethereum reserves.
• Proceeds will fund the acquisition of ether for a public treasury, a strategy designed to diversify beyond the firm’s core bitcoin mining operations.
• BitMine will track the value of ETH held per share as a key performance metric, mirroring MicroStrategy’s bitcoin-per-share approach.
• The stock jumped over 250% in premarket trading to about $15 as investors reacted to the company’s pivot and leadership shake-up.