BitMine raised $250 million to acquire Ethereum, backed by major investors including Galaxy Digital, Pantera, and Founders Fund.
Tom Lee became Chairman of BitMine, steering the company toward a new Ethereum-focused treasury model inspired by MicroStrategy’s approach.
BitMine introduced ETH-per-share as a key metric, leveraging staking, DeFi, and restaking to grow shareholder exposure to Ethereum.
BitMine Immersion Technologies is undergoing a major transformation. The firm has raised $250 million and adopted Ethereum as its core treasury asset.
Tom Lee Joins BitMine and Initiates Strategic Pivot
Tom Lee, co-founder of Fundstrat and a familiar figure on CNBC, has joined BitMine Immersion Technologies as Chairman. His appointment marks a strategic shift for the company, which had focused primarily on Bitcoin mining. Under Lee’s direction, the firm is now targeting Ethereum accumulation.
Eric Conner described the move as a “Michael Saylor moment” for Ethereum. BitMine’s pivot includes a treasury strategy modeled after MicroStrategy’s Bitcoin accumulation, but focused entirely on ETH. The firm expects that it will be the biggest publicly traded holder of Ethereum.
https://twitter.com/econoar/status/1939783128966652128
$250M Raised to Kickstart Ethereum Balance Sheet
BitMine secured $250 million through a private placement priced at $4.50 per share. The placement attracted investors from both traditional finance and crypto. Participants included Founders Fund, Pantera Capital, Galaxy Digital, and Kraken. The funding round is scheduled to close on July 3.
With this capital, the company will begin purchasing ETH for long-term holding and income generation. The stock reacted immediately, rising nearly 500% in a single trading session. BitMine shares opened at around $4 and reached nearly $14 in pre-market activity.
ETH-Per-Share Becomes New Growth Metric
As part of the treasury model, BitMine introduced “ETH-per-share” as its key performance indicator. The company plans to grow this metric through Ethereum price appreciation and staking-related income. These sources include native staking, restaking, and activity within DeFi protocols.
Unlike Bitcoin, Ethereum offers yield opportunities through its proof-of-stake design. Lee believes these features give Ethereum a unique position in the blockchain economy. The new KPI will measure shareholder exposure to ETH on a per-share basis, similar to MicroStrategy’s “BTC-per-share” structure.
Ethereum Chosen for Yield and Ecosystem Dominance
Lee stated that Ethereum was selected due to its strong position in stablecoins, tokenized assets, and DeFi. He compared stablecoins to “the ChatGPT of crypto,” pointing to their widespread adoption and utility. This positioning offers BitMine a platform with broad utility and growing network effects.
The shift also comes as Ethereum prepares for ETF inflows and continues lowering transaction costs on Layer 2 networks. These developments are expected to support further ETH demand and usage across global markets.
BitMine’s Strategy Gains Market Attention
BitMine’s corporate move is drawing comparisons to MicroStrategy’s Bitcoin playbook. However, this time the chosen asset earns yield and powers settlement for the decentralized economy. Eric Conner highlighted the strategic use of convertible debt and a focused treasury approach to boost shareholder value.
With ETH staking yields above 4% and ecosystem growth accelerating, BitMine’s timing aligns with increasing institutional interest. The company’s ETH-per-share model could set a new standard if the strategy proves successful.
The crypto and tech sectors will be closely watching this new approach. Other companies may soon evaluate their treasury strategies in response.
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