BitMine Raises $250 Million for Ether Treasury, Stock Triples
BitMine Immersion Technologies (BMNR) has raised $250 million through a private placement of common stock to establish an ether (ETH) treasury. The deal, expected to close on July 3, will position BitMine among the largest publicly traded ETH holders.
Key details include:
- Funding priced at $4.50 per share
- Investors include Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Republic
- Advisors: Cantor Fitzgerald for lead investor MOZAYYX; ThinkEquity for deal placement
- Choice of ether as reserve asset due to its leadership in stablecoin payments and decentralized finance
- Access to Ethereum network activities like staking and DeFi mechanisms
- Thomas Lee appointed as Chairman of the Board
- Company's new metric: ether per share
- SharpLink Gaming also creating an ether treasury with 188,478 ETH
- BitMine’s shares have tripled in premarket trading to nearly $14