BitMine Stock Surges 400% After Raising $250M for Ethereum Treasury

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Publicly traded Bitcoin miner BitMine Immersion Technologies has made a bold strategic pivot that sent its stock soaring over 400% in a single day. The company announced it raised $250 million through a private placement to establish an Ethereum treasury, marking a significant shift in corporate crypto strategy and positioning itself at the forefront of blockchain diversification.

This move breaks from the dominant trend of public companies stacking Bitcoin and instead places confidence in Ethereum’s expanding ecosystem, particularly its role in decentralized finance (DeFi), staking, and stablecoin infrastructure.

Strategic Shift: From Bitcoin to Ethereum

While many public crypto firms have followed MicroStrategy’s lead by building Bitcoin-heavy treasuries, BitMine is charting a different course. The $250 million capital raise—priced at $4.50 per share—involved the sale of over 55 million shares and attracted high-profile investors from both traditional finance (TradFi) and the crypto venture capital space.

Notable participants in the private placement include:

This blend of institutional and crypto-native investors underscores growing confidence in Ethereum as a foundational asset for enterprise blockchain strategy.

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Leadership Expansion: Tom Lee Joins as Chairman

In a move that further legitimizes BitMine’s new direction, Tom Lee, co-founder of research firm Fundstrat, has joined the company as Chairman of the Board of Directors. A well-known figure in both traditional finance and crypto circles, Lee brings credibility and strategic insight.

“This transaction includes the highest quality investors across TradFi and crypto venture capital, properly reflecting the rapid and continued convergence of traditional financial services and crypto,” said Lee in a statement.

His appointment signals a broader industry shift: the integration of digital assets into mainstream corporate finance is no longer speculative—it’s operational.

Why Ethereum? The Case for ETH as a Treasury Asset

BitMine’s decision to back Ethereum isn’t based on price speculation alone. The company cited Ethereum’s robust protocol-level activities as key drivers behind the treasury decision. Specifically, the firm highlighted three core pillars:

  1. Decentralized Finance (DeFi) – Ethereum remains the dominant platform for lending, borrowing, and yield-generating protocols.
  2. Staking – With Ethereum’s transition to proof-of-stake, staking offers predictable, yield-bearing opportunities for long-term holders.
  3. Stablecoins – Over 90% of major stablecoins, including USDC and DAI, are issued on Ethereum, making it the backbone of digital dollar transactions.
“Stablecoins have proven to be the 'ChatGPT' of crypto, leading to rapid adoption by consumers, merchants, and financial services providers,” said Lee. “Ethereum is home to most stablecoin payments.”

This analogy positions stablecoins not just as digital cash, but as transformative infrastructure—similar to how AI disrupted multiple industries almost overnight.

Performance Goals: Increasing ETH Value Per Share

BitMine has set a clear performance metric for its future: increasing the value of ETH held per share. This goal will be achieved through a multi-pronged strategy:

This approach mirrors the “HODL and grow” model popularized by Bitcoin-centric firms but adapts it for Ethereum’s more dynamic, yield-generating ecosystem.

A Growing Trend: Public Companies Embracing Ethereum

BitMine isn’t alone in this shift. It joins SharpLink Gaming as one of the few publicly traded companies to adopt an Ethereum treasury strategy. Since announcing its ETH-focused treasury, SharpLink has acquired over 188,000 ETH, now worth more than $460 million at current prices.

This emerging trend suggests that forward-thinking corporations are recognizing Ethereum not just as a cryptocurrency, but as a platform with real utility and revenue-generating potential.

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Market Reaction: Stock Jumps 447%

The market responded swiftly to BitMine’s announcement. Shares of BMNR closed at $4.26 on Friday** but surged to **$23.35 by Monday morning—a staggering 447% increase.

This explosive growth reflects strong investor appetite for companies that are actively participating in the evolution of blockchain economies, rather than passively holding digital assets.

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👉 Learn how institutions are using crypto treasuries to drive long-term value creation.

Frequently Asked Questions (FAQ)

Why is BitMine building an Ethereum treasury instead of buying more Bitcoin?

BitMine believes Ethereum offers greater utility due to its role in DeFi, staking, and stablecoin issuance. Unlike Bitcoin, which primarily functions as digital gold, Ethereum supports programmable money and yield-generating opportunities—making it attractive for active treasury management.

How will BitMine use the $250 million raised?

The net proceeds from the private placement will be used exclusively to acquire and manage Ethereum. The funds may also support future protocol participation, such as staking or liquidity provision in DeFi applications.

Who are the investors behind BitMine’s private placement?

The round included top-tier investors like Founders Fund, Pantera Capital, Galaxy Digital, and Kraken—representing a powerful mix of traditional venture capital and crypto-native institutions.

What does Tom Lee bring to BitMine as Chairman?

Tom Lee brings deep expertise in market analysis, macro trends, and crypto adoption. His role will help guide BitMine’s strategic decisions and strengthen relationships with institutional investors.

Can other companies follow BitMine’s Ethereum treasury model?

Yes. As Ethereum continues to prove its utility in real-world finance, more public and private firms may adopt similar strategies—especially those interested in generating yield or integrating with Web3 ecosystems.

Is holding Ethereum riskier than holding Bitcoin for corporate treasuries?

While both assets carry volatility risks, Ethereum’s higher utility can offset some concerns through staking rewards and DeFi yields. However, regulatory clarity and network security remain ongoing considerations.

With this bold move, BitMine Immersion Technologies has redefined what it means to be a modern Bitcoin miner—one that leverages its position to engage with the broader blockchain economy. As Ethereum continues to mature as a financial platform, expect more companies to explore treasuries beyond Bitcoin.