$ETH
BitMine raises $250M to launch Ethereum corporate treasury
BitMine Immersion Technologies raised $250 million through a private placement to establish an Ethereum treasury, signaling a shift away from its previous Bitcoin-centric approach.
Bitcoin miner BitMine Immersion Technologies has secured a $250 million private placement to jumpstart its Ether treasury.
BitMine signed a private placement for the purchase and sale of 55,555,556 shares of common stock for $4.50 per share, yielding gross proceeds of approximately $250 million before expenses, the company said in a Monday announcement .
MOZAYYX led the raise, with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management and Thomas Lee. The transaction is expected to close on Thursday, provided that conditions, including the authorization of the Supplemental Listing Application by the NYSE American, are met.
Thomas Lee, chairman of BitMine, said that stablecoins are “the ‘ChatGPT’ of crypto” and that he expects Ether ( ETH ) to appreciate thanks to their adoption. “Ethereum is the blockchain where the majority of stablecoin payments are transacted […] and thus, ETH should benefit from this growth,” he said.
Related: Staked Ether hits record high driven by corporate crypto treasury adoption: Finance Redefined
Corporate Ethereum treasuries are on the rise
BitMine’s announcement follows a series of recent moves by publicly traded firms to establish ETH-focused treasuries. A couple of weeks ago, sports betting platform SharpLink Gaming acquired 176,271 Ether for $463 million . This made the firm the world’s largest publicly traded holder of ETH.
The announcement followed SharpLink’s launch of its Ether treasury in late May. The firm also nominated Ethereum co-founder Joseph Lubin as chairman of its board of directors.
