BitMine Raises $365M to Expand Ethereum Holdings

BitMine Immersion Technologies (BMNR) Expands ETH Holdings

BitMine Immersion Technologies, chaired by Tom Lee, controls over 2% of Ethereum's supply.
The company raised $365 million to expand its cryptocurrency holdings.
BitMine's treasury is valued at $11.4 billion, comprising 2,416,054 ETH, 192 BTC, $345 million in cash, and a $175 million equity stake in Eightco Holdings.
BitMine aims to acquire 5% of the total ETH supply, indicating confidence in Ethereum's role in transforming finance through blockchain.

BitMine entered a securities purchase agreement for 5.2 million shares at $70 each, with warrants for up to 10.4 million additional shares at $87.50.
Total potential proceeds could reach $1.28 billion, including $913 million from warrants.
Funds will primarily be used to increase BitMine’s ether holdings.

As of the latest data, BMNR shares traded around $55.79, marking a 9% decline.