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18h ago

BitMine Immersion Shares Jump as Ethereum Treasury Tops $500 Million

Under new board chair Tom Lee the miner has amassed 163,142 ETH via a $250 million private placement paired with a larger market offering, triggering extreme stock swings.

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Overview

  • BitMine has converted its treasury to 163,142 ETH, valued at about $500 million, making it one of the largest public holders of ether.
  • The stock rebounded by up to 40% intraday on July 14 following the ETH milestone after plunging 65% when the company unveiled its $2 billion at-the-market offering.
  • The ETH purchases were funded through a $250 million private placement on July 9 followed by a larger market offering.
  • Fundstrat co-founder Tom Lee, appointed board chair to lead the ETH strategy, compared the model to a 'Wall Street put' akin to Bitcoin treasury plays.
  • BitMine’s move highlights a growing trend of bitcoin miners and DAOs diversifying into Ethereum and other protocol assets as mining profitability declines.