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By Francisco Rodrigues|Edited by Stephen Alpher
Updated Jun 30, 2025, 1:29 p.m. Published Jun 30, 2025, 1:27 p.m.
- BitMine Immersion Technologies has secured a $250 million via a private placement of shares and plans to use the funds to launch an ether (ETH) treasury.
- The financing was led by MOZAYYX and included investors such as Founders Fund, Pantera Capital, Kraken, Galaxy Digital, and Republic, with Cantor Fitzgerald and ThinkEquity advising on the deal.
- BitMine also added Fundstrat crytpo bull Thomas Lee as its Chairman.
- Shares are higher by 222% premarket.
BitMine Immersion Technologies (BMNR) has secured $250 million via a private placement of common stock and will use the funds to launch an ether
treasury.
When the deal closes, expected July 3, the Las Vegas-based miner said it will rank among the largest publicly traded holders of ETH.
STORY CONTINUES BELOW
The financing, priced at $4.50 a share, brought together investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic. Cantor Fitzgerald advised lead investor MOZAYYX, while ThinkEquity placed the deal.
BitMine justified its choice of ether as a primary reserve asset saying Ethereum currently leads in stablecoin payments, tokenized assets, and decentralized financial applications.
“By having a direcT ETH treasury position, the company has access to native protocol-level activities, such as staking and decentralized finance mechanisms, on the Ethereum network,” the company wrote.
The move also reshapes BitMine’s leadership. Fundstrat founder Thomas Lee, long known on Wall Street for his crypto research and bullishness, was newly appointed Chairman of the Board of Directors.
Lee said the round reflects “the rapid and continued convergence of traditional financial services and crypto” and set a new key performance metric for the company: ether per share.
SharpLink Gaming (SBET) is one of the few other publicly traded companies creating and ether treasury, having recently boosted it to 188,478 ETH. Most other companies creating crypto treasuries focus on bitcoin
.
BitMine’s shares have more than tripled in premarket action to nearly $14.
Francisco is a reporter for CoinDesk with a passion for cryptocurrencies and personal finance. Before joining CoinDesk he worked at major financial and crypto publications. He owns bitcoin, ether, solana, and PAXG above CoinDesk’s $1,000 disclosure threshold.
