BitMine Immersion Technologies (ticker BMNR) has signed a private placement agreement to raise $250 million by selling 55.6 million shares at $4.50 each, redirecting its balance-sheet play from bitcoin to ether.
The miner, which uplisted to the NYSE American in June and used an $18 million public offering to buy 100 BTC, now plans to inject every dollar of the new deal into ETH, multiplying its current crypto treasury more than 16-fold, according to a Monday statement. Investors include Fundstrat co-founder Tom Lee, who also became BitMine’s new board chair.
Lee framed ether as a higher beta asset than bitcoin since stablecoins mainly settle on Ethereum, and U.S. Treasury Secretary Scott Bessent projects the stablecoin market could top $2 trillion by 2028.
“Ethereum is the blockchain where the majority of stablecoin payments are transacted and thus, ETH should benefit from this growth,” Lee stated. Increasing ETH held per share will become a key metric for BitMine, he added.
BitMine shares surged 408% to around $21.67 at publication time, Yahoo Finance data show. The private placement is scheduled to close on July 3, pending approval from the NYSE American. The company’s market cap stands at around $128 million.
The share sale will dilute existing holders but could vault BitMine toward the top tier of corporate ether treasuries. However, the firm faces stiff competition for the title of largest publicly traded ether holder. Minnesota-based affiliate marketing firm SharpLink (ticker SBET) has stacked 188,478 ETH following its second acquisition last week. Both Bitmine and Sharplink are eclipsed by the Ethereum Foundation’s 213,072 ETH stash, worth over $525 million with ether currently trading around $2,460, according to The Block’s price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
