BitMine Immersion Technologies (NYSE American: BITM) has closed a $250 million private placement to implement a comprehensive Ethereum treasury strategy, marking a bold pivot in the company's evolution from a traditional Bitcoin mining firm to a major corporate holder of ETH.
The placement involved the sale of 55.5 million shares at $4.50 each, funded through a mix of cash and cryptocurrencies. The deal has sparked explosive investor enthusiasm, sending BitMine’s stock soaring to $46.00 per share, up $41.65 or 957.47% over the past five trading days.
The transaction was led by MOZAYYX, with participation from an elite roster of investors, including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, Digital Currency Group (DCG), Diametric Capital, Occam Crest Management, and Thomas Lee.
Expected to close today, the offering remains subject to NYSE American approval and standard closing conditions.
“This transaction includes the highest quality investors across trad-fi and crypto venture capital,” said Thomas Lee, founder of Fundstrat and newly appointed Chairman of the Board at BitMine. “It reflects the rapid convergence between traditional finance and digital assets.”
BitMine plans to use net proceeds to acquire Ethereum (ETH) as its primary treasury reserve asset, significantly expanding its scope beyond Bitcoin mining. The company also aims to harness Ethereum's capabilities in smart contracts, decentralized finance (DeFi), and staking to generate long-term value.
“One of the key performance metrics for BitMine going forward is to increase the value of ETH held per share,” Lee added, signaling a long-term focus on ETH accumulation through cash flow reinvestment, capital markets activity, and ETH price appreciation.
CEO Jonathan Bates noted the company made its initial ETH treasury purchase on June 9, 2025, and the private placement would accelerate its broader strategy. BitMine has partnered with FalconX, Kraken, and Galaxy Digital to scale Ethereum treasury operations, with BitGo and Fidelity Digital continuing to provide custody solutions.
The transaction is expected to increase BitMine’s ETH treasury holdings by over 16 times, positioning the company as one of the largest publicly traded ETH holders.
Lee, a veteran strategist and frequent CNBC commentator, described Ethereum as the backbone of the emerging digital economy. He emphasized stablecoins as a major catalyst for Ethereum growth, likening them to the "ChatGPT of crypto" due to their accelerating adoption curve.
“Treasury Secretary Scott Bessent recently projected the stablecoin market could grow to $2 trillion, up from $250 billion today. And the vast majority of those transactions are happening on Ethereum,” Lee said.
With this landmark move, BitMine joins a growing list of public companies rethinking their corporate treasury playbook through crypto-native strategies—this time with a full-throttle focus on Ethereum.
July 2025, Cryptoniteuae