#BitMine Raises $250M for $ETH Treasury Strategy


BitMine Immersion Technologies has secured $250 million through private placement to establish an $ETH treasury.


The $BTC mining firm raised funds at $4.50 per share, selling 55.5 million shares to institutional investors.


MOZAYYX led the round with participation from Founders Fund, Pantera, FalconX and Galaxy Digital.


Chairman Thomas Lee has called stablecoins the "ChatGPT of crypto" and expects $ETH to benefit from stablecoin adoption.


The move follows SharpLink Gaming's $463 million #Ether purchase, making it the largest publicly traded $ETH holder.


BitMine currently holds 154 $BTC worth $17 million but is pivoting toward $ETH accumulation.


The transaction closes Thursday pending NYSE American authorization and regulatory approvals.

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June 30, 2025 at 6:21 PM
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