2 months ago
BitMine Immersion Technologies raised $250 cardinal done a backstage placement to found an Ethereum treasury, signaling a displacement distant from its erstwhile Bitcoin-centric approach.
Bitcoin miner BitMine Immersion Technologies has secured a $250 cardinal backstage placement to jumpstart its Ether treasury.
BitMine signed a backstage placement for the acquisition and merchantability of 55,555,556 shares of communal banal for $4.50 per share, yielding gross proceeds of astir $250 cardinal earlier expenses, the institution said successful a Monday announcement.
MOZAYYX led the raise, with information from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management and Thomas Lee. The transaction is expected to adjacent connected Thursday, provided that conditions, including the authorization of the Supplemental Listing Application by the NYSE American, are met.
Thomas Lee, president of BitMine, said that stablecoins are “the ‘ChatGPT’ of crypto” and that helium expects Ether (ETH) to admit acknowledgment to their adoption. “Ethereum is the blockchain wherever the bulk of stablecoin payments are transacted […] and thus, ETH should payment from this growth,” helium said.
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Corporate Ethereum treasuries are connected the rise
BitMine’s announcement follows a bid of caller moves by publically traded firms to found ETH-focused treasuries. A mates of weeks ago, sports betting level SharpLink Gaming acquired 176,271 Ether for $463 million. This made the steadfast the world’s largest publically traded holder of ETH.
The announcement followed SharpLink’s motorboat of its Ether treasury successful precocious May. The steadfast besides nominated Ethereum co-founder Joseph Lubin arsenic chairman of its committee of directors.
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With this announcement, BitMine, with its Bitcoin (BTC)-themed logo, is astatine slightest partially pivoting to Ethereum. Until this month, the firm’s treasury strategy focused connected accumulating Bitcoin.
BitMine website’s homepage. Source: BitMine“BitMine is simply a Bitcoin and Ethereum Network Company with a absorption connected the accumulation of Crypto for semipermanent investment,” the company’s statement successful the announcement reads. BitcoinTreasuries.NET data indicates that BitMine presently holds 154 BTC worthy astir $17 cardinal and is the 62nd largest firm Bitcoin treasury.
BitMine is not unsocial successful making the pivot. Last week, shares successful Bit Digital fell by astir 4% aft the crypto mining steadfast announced it would upwind down oregon merchantability its Bitcoin mining infrastructure and usage the proceeds to bargain much Ether. Shares past fell astir 19% implicit 5 days — with a 15% driblet successful 24 hours — soon thereafter.
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