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3h ago

BitMine Reveals 2.4 Million ETH, Announces $365 Million Share Sale

BitMine will use new equity proceeds to expand its ETH treasury.

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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

Overview

  • The company reported $11.4 billion in crypto and cash assets, including 2,416,054 ETH, 192 BTC, $345 million in cash, and a $175 million stake in Eightco Holdings.
  • BitMine added 264,378 ETH in the past week, lifting its holdings to just over 2% of Ethereum’s circulating supply and making it the largest corporate holder of ETH.
  • A securities purchase agreement covers 5.2 million shares at $70 each, with additional warrants exercisable at $87.50 that could bring in up to $913 million more.
  • Shares of BMNR fell roughly 9%–10% Monday following the disclosure of the ETH purchases and the new stock sale.
  • Chairman Tom Lee reiterated a goal of acquiring 5% of ETH supply, framing the accumulation as a long-term bet on Ethereum’s role in finance and AI.