Tom Lee’s BitMine Sells Stock at $70 to Raise Additional $365M for ETH Treasury

BitMine Immersion Technologies (BMNR), chaired by Tom Lee, said Monday it present controls much than 2% of ether's proviso and raised $365 cardinal to grow its holdings.

The institution announced this greeting that its treasury, valued astatine $11.4 cardinal arsenic of Sept. 21, consists of 2,416,054 ETH astatine $4,497 per token, 192 bitcoin (BTC), $345 cardinal successful currency and a $175 cardinal equity involvement successful Eightco Holdings.

BitMine described itself arsenic the world’s largest nationalist holder of ether and the second-largest crypto treasury overall, trailing lone Michael Saylor’s Strategy Inc. (MSTR).

BitMine is chaired by Tom Lee, who is besides caput of probe astatine Fundstrat and main concern serviceman astatine Fundstrat Capital.

Lee said the institution is pursuing what helium calls the “alchemy of 5%,” aiming to accumulate 5% of the full ETH supply. “Wall Street and AI moving onto the blockchain should pb to a greater translation of today’s fiscal system. And the bulk of this is taking spot connected Ethereum,” Lee said.

Raising funds to turn the treasury

A fewer hours later, BitMine announced a securities acquisition statement with an organization capitalist covering 5.2 cardinal shares of communal banal astatine $70 per stock — astir 14% supra its Sept. 19 adjacent — on with warrants for up to 10.4 cardinal further shares astatine $87.50.

The offering is expected to rise $365 cardinal successful gross proceeds, with the warrants perchance adding different $913 million, bringing full imaginable proceeds to astir $1.28 billion.

Lee said the superior usage of funds would beryllium to grow BitMine’s ether holdings, calling the premium pricing “materially accretive” to existing shareholders.

BitMine added that organization request reflected increasing involvement successful ethereum arsenic Wall Street integrates blockchain into fiscal infrastructure.

As of 11:13 a.m. ET, BMNR shares were trading astir $55.79, down 9% connected the day, according to Google Finance.