BitMine Immersion Technologies (BMNR) has raised $250 million through a private stock placement to establish an Ether (ETH) treasury, positioning itself among the largest publicly traded ETH holders. The funding round included notable investors like Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Republic.
Key Highlights of the Funding Round
- Investment: $250 million via private placement at $4.50/share.
- Investors: Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, Republic.
- Advisors: Cantor Fitzgerald (lead advisor), ThinkEquity (deal placement).
- Closing Date: Expected July 3, 2025.
Why Ether?
BitMine highlighted Ethereum’s dominance in:
👉 Stablecoin payments
👉 Tokenized assets
👉 Decentralized finance (DeFi) applications
The company emphasized that holding ETH directly enables protocol-level activities, including staking and participation in DeFi.
Leadership Changes: Thomas Joins as Chairman
- Thomas Lee, founder of Fundstrat and a well-known crypto analyst, was appointed Chairman of the Board.
- Lee introduced a new performance metric: Ether per share, reflecting ETH’s strategic role in BitMine’s reserves.
Market Reaction
- BitMine’s stock tripled in premarket trading, reaching ~$14/share.
- SharpLink Gaming (SBET) is another public company with an ETH treasury (188,478 ETH), though most crypto treasuries focus on Bitcoin.
FAQs
1. What will BitMine do with the $250M?
The funds will establish an ETH treasury, enabling staking and DeFi participation.
2. Who are the major investors?
Founders Fund, Pantera, Kraken, Galaxy Digital, and Republic participated.
3. Why did BitMine choose ETH over BTC?
Ethereum leads in DeFi, stablecoins, and tokenization, offering greater utility for treasury activities.
4. How does this affect BitMine’s stock?
Shares surged 200%+ premarket, reflecting investor confidence.
👉 Learn more about ETH treasuries
This strategic move underscores BitMine’s commitment to Ethereum’s ecosystem while leveraging traditional finance expertise under Thomas Lee’s leadership.