BitMine Stock Skyrockets on $250M Private Placement to Back Ethereum Strategy
June 30, 2025
Shares of BitMine Immersion Technologies (AMEX:BMNR) surged 180% after the company unveiled a $250 million private placement aimed at executing a bold Ethereum-centric treasury strategy. The initiative could position BitMine among the largest publicly traded holders of Ethereum (ETH).
The funding round includes the sale of 55,555,556 common shares priced at $4.50 each, targeting gross proceeds of approximately $250 million. Leading the private placement is MOZAYYX, with additional backing from a number of prominent names in both traditional finance and crypto, including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital (TSX:GLXY), and DCG.
Proceeds will be used to acquire ETH as BitMine’s core treasury reserve asset. The offering is expected to close around July 3, 2025, pending customary conditions.
The company also announced a key leadership update, naming Thomas (Tom) Lee, Founder and CIO of Fundstrat Capital, as Chairman of the Board of Directors, effective immediately. Lee emphasized the significance of the investor base supporting the raise: “The transaction includes investors from both traditional finance and crypto venture capital, reflecting the rapid and continued convergence of traditional financial services and crypto.”
CEO Jonathan Bates noted that the new capital injection will rapidly scale BitMine’s ETH reserves, building on its first Ethereum treasury purchase made on June 9, 2025. The company will collaborate with FalconX, Kraken, and Galaxy Digital to refine and execute its ETH strategy, working alongside current custody providers BitGo and Fidelity Digital.
Looking ahead, BitMine said it will measure success based on a newly emphasized metric: increasing ETH per share value. This will be driven by cash flow reinvestment, capital market strategies, and fluctuations in Ethereum’s market value.
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