BitMine Immersion Technologies, a Bitcoin mining company, has raised $250 million through a private placement to enhance its Ether treasury. The firm agreed to sell 55,555,556 shares at $4.50 each, generating significant gross proceeds before expenses, as announced on Monday. The fundraising was led by MOZAYYX, with contributions from notable investors including Founders Fund, Pantera, and Kraken. The deal is expected to finalize on Thursday, contingent on the NYSE American's approval of the Supplemental Listing Application. BitMine's chairman, Thomas Lee, likened stablecoins to the 'ChatGPT' of crypto, predicting that Ether will rise in value due to their increasing adoption. He noted that Ethereum is the primary blockchain for stablecoin transactions, which should benefit ETH. This move follows a trend among public companies establishing ETH-focused treasuries, including SharpLink Gaming, which recently became the largest publicly traded ETH holder. BitMine, traditionally focused on Bitcoin, is now diversifying its treasury strategy to include Ethereum. Read more AI-generated news on: https://app.chaingpt.org/news

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