BitMine Immersion Stock Triples as it Raises $250M for Ether Treasury, Adds Thomas Lee to Board

BitMine Immersion Technologies (BMNR) has secured $250 cardinal via a backstage placement of communal banal and volition usage the funds to motorboat an ether (ETH) treasury.

When the woody closes, expected July 3, the Las Vegas-based miner said it volition fertile among the largest publically traded holders of ETH.

The financing, priced astatine $4.50 a share, brought unneurotic investors including Founders Fund, Pantera Capital, Kraken, Galaxy Digital and Republic. Cantor Fitzgerald advised pb capitalist MOZAYYX, portion ThinkEquity placed the deal.

BitMine justified its prime of ether arsenic a superior reserve plus saying Ethereum presently leads successful stablecoin payments, tokenized assets, and decentralized fiscal applications.

“By having a direcT ETH treasury position, the institution has entree to autochthonal protocol-level activities, specified arsenic staking and decentralized concern mechanisms, connected the Ethereum network,” the institution wrote.

The determination besides reshapes BitMine’s leadership. Fundstrat laminitis Thomas Lee, agelong known connected Wall Street for his crypto probe and bullishness, was recently appointed Chairman of the Board of Directors.

Lee said the circular reflects “the accelerated and continued convergence of accepted fiscal services and crypto” and acceptable a caller cardinal show metric for the company: ether per share.

SharpLink Gaming (SBET) is 1 of the fewer different publically traded companies creating and ether treasury, having precocious boosted it to 188,478 ETH. Most different companies creating crypto treasuries absorption connected bitcoin (BTC).

BitMine’s shares person much than tripled successful premarket enactment to astir $14.