BitMine Stock Skyrockets 500% as $250M Funding Shift to Ether Targets 16X ETH Holdings

BitMine Immersion Technologies’ stock exploded 511% on June 30 after revealing a $250M private placement—all earmarked for Ethereum (ETH) accumulation, marking a dramatic shift from Bitcoin mining to ETH treasury strategies.

This move not only shakes up BitMine’s business model but also places Ethereum front and center in the company’s long-term vision, with industry heavyweight Thomas Lee now serving as board chairman.

BitMine Bets on Ethereum as Treasury Reserve Asset

BitMine, which recently uplisted to the NYSE American in June, previously raised $18 million in a public offering used to purchase 100 BTC. That marked its initial step toward crypto treasury holdings.

However, the latest move towards Ethereum represents a major escalation in ambition, as the firm now plans to increase its crypto reserves by more than 16-fold, with Ethereum becoming its primary treasury reserve asset.

According to the company’s Monday filing, BitMine will issue 55,555,556 common shares at $4.50 each, raising gross proceeds of approximately $250 million. The offering is expected to close by July 3, pending customary approvals from the NYSE American.

Investment firm MOZAYYX leads the private placement and includes participation from several high-profile investors, such as Founders Fund, Pantera Capital, Republic Digital, Kraken, Galaxy Digital, FalconX, DCG, and Diametric Capital.

Thomas Lee, co-founder of Fundstrat Global Advisors, also participated in the deal and was named Chairman of BitMine’s Board of Directors.

Thomas Lee described Ethereum as a “higher beta” asset than Bitcoin due to its foundational role in stablecoin transactions, decentralized finance (DeFi), and tokenized assets. He cited comments from U.S. Treasury Secretary Scott Bessent, who projected the stablecoin market could grow from $250 billion today to $2 trillion by 2028.

“Ethereum is the blockchain where the majority of stablecoin payments are transacted, and thus ETH should benefit from this growth,” Lee said in the company’s statement.

According to its announcement, the company will work with FalconX, Kraken, and Galaxy Digital to help manage execution, liquidity, and infrastructure support for its Ethereum strategy, while BitGo and Fidelity Digital Assets have been selected as custodians for BitMine’s ETH treasury holdings.

BitMine Pivot from Bitcoin: Market Reaction and Shareholder Impact

Investor response was immediate and sharp. BitMine’s stock price jumped from $4.26 to $26.06, representing a 511.02% intraday increase, according to Yahoo Finance data.

The stock reached that level at 1:47 p.m. EDT, lifting the company’s market cap from under $31 million to approximately $158.87 million.

While the private placement is expected to dilute existing shareholders, the firm’s aggressive ETH strategy could help position it among the leading corporate holders of Ethereum. Still, BitMine faces stiff competition in this space.

SharpLink (SBET), a Minnesota-based affiliate marketing firm, recently disclosed that it holds 188,478 ETH following its second acquisition.

However, the Ethereum Foundation remains the largest known institutional holder, with 213,072 ETH, currently worth more than $525 million based on ETH’s trading price of approximately $2,487.

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