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BitMine's Stock Price Surges Over 1066% After Announcing $250 Million Ethereum Treasury Plan

BitMine Immersion shifts its strategy from Bitcoin mining to Ethereum accumulation with a $250M treasury raise, appointing Thomas Lee to its board to lead the pivot.

BitMine Immersion Technologies (NYSE: BMNR) has experienced an extraordinary surge in its stock price after unveiling plans to raise $250 million through a private placement of shares to establish a dedicated Ethereum (ETH) treasury.

The company aims to become one of the largest publicly traded holders of ETH, signaling a significant shift in its corporate strategy from Bitcoin to Ethereum.

 

The announcement sent shockwaves through the market, with the company's stock price skyrocketing by 694.84% to close at $33.9, up from its opening price of $4.26. Overnight trading further amplified the excitement, pushing the stock above $52 at its peak, representing a staggering 1066% increase.

Strategic Shift to Ethereum

BitMine Immersion Technologies (ticker BMNR) has entered into a private placement agreement to raise $250 million by issuing 55.6 million shares at a price of $4.50 per share.

By acquiring ETH, BitMine aims to leverage Ethereum's dominance in areas such as stablecoin payments, tokenized assets, and decentralized financial applications.

Fundstrat founder Thomas Lee, a well-known Wall Street strategist recognized for his in-depth crypto research and long-standing bullish stance on digital assets, was recently appointed as Chairman of BitMine’s Board of Directors.

In his new role, emphasized the critical role of Ethereum in the broader crypto ecosystem during a CNBC interview.

He articulated that "Underneath the stablecoin industry is Ethereum – that is really the backbone and architecture of stablecoins, so it's important to create a project that accumulates Ethereum to essentially protect and have some influence on the network."

The rationale behind converting a bitcoin mining company to an ETH treasury and staking company is straightforward: as banks increasingly adopt stablecoins, these stablecoins will predominantly be deployed on the Ethereum network. Consequently, banks will need to acquire and stake ETH to secure their stablecoins, making Ethereum a crucial asset in this evolving financial landscape.

He also mentioned that increasing ETH held per share will become a key performance metric for the company.

Prominent Investors and Market Impact

Jonathan Bates, CEO of BitMine, said, "The private placement will accelerate BitMine's treasury holdings shortly after its first treasury purchase on June 9, 2025. FalconX, Kraken, and Galaxy Digital plan to partner with the Company to grow a world class Ethereum treasury strategy alongside existing custody partners, BitGo and Fidelity Digital."

Thomas Lee also announced the list of BitMine's strong partners on X.

This bold move by BitMine could set a precedent for other publicly traded companies to consider diversifying their crypto holdings beyond Bitcoin. With Ethereum's expanding role in the digital economy, BitMine's strategy could pave the way for a broader adoption of ETH as a corporate reserve asset.

As the deal's closing date approaches, all eyes will be on BitMine to see how this ambitious strategy unfolds and whether it can maintain its meteoric rise in the market. When the deal closes, expected July 3, the Las Vegas-based miner said it will rank among the largest publicly traded holders of ETH.

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