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Shares Soar After BitMine Announces Ethereum Treasury Fundraise
Shares of publicly traded Bitcoin miner BitMine Immersion Technologies (BMNR) surged more than 400% Monday following news the company raised $250 million via a private placement to build an Ethereum treasury.
The private placement sold shares of BMNR common stock at $4.50 per share, selling more than 55 million shares. Net proceeds will be used to purchase and hold Ethereum for treasury growth.
Additional funding participation came from crypto-firms Founders Fund, Pantera, Galaxy Digital, and Kraken. Renowned crypto-analyst and Fundstrat co-founder Tom Lee is now Chairman of BitMine’s Board of Directors.
“This transaction includes the highest quality investors across TradFi and crypto venture capital, properly reflecting the rapid and continued convergence of traditional financial services and crypto,” said Lee in a statement.
Lee highlighted Ethereum’s stablecoin infrastructure and potential. “Stablecoins have proven to be the ‘ChatGPT’ of crypto, leading to rapid adoption,” he noted. Key goals for BitMine include increasing the value of Ethereum holdings per share.
BitMine joins SharpLink Gaming as a publicly traded crypto-miner diversifying into a Bitcoin minus Ethereum treasury strategy. Since adopting this strategy, SharpLink has added over 188,000 ETH worth more than $460 million.
The move updates BitMine’s product from its original immersion cooling oil business. BMNR stock closed Friday at $4.26 before jumping 447% to $23.35 intraday Monday.
