Key Takeaways
- BitMine Immersion Technologies is pivoting from Bitcoin mining to building an Ethereum-focused treasury.
- The company raised $250 million in a private round backed by Founders Fund, Pantera, Galaxy Digital, and Kraken.
- BitMine’s stock surged nearly 700% on the news, reflecting rising institutional appetite for ETH exposure.
As institutional demand for Ethereum continues to rise, one public company is betting big on being the first to build a treasury strategy around ETH.
BitMine Immersion Technologies (BMNR), once a low-profile Bitcoin mining firm, is now shifting gears to accumulate Ethereum on its balance sheet, mirroring the approach MicroStrategy (no Strategy) took with Bitcoin.
BitMine Bets Big on Ethereum with $250M Treasury Pivot
BMNR, chaired by Fundstrat co-founder Tom Lee, raised $250 million in a private placement.
It will use those funds to begin accumulating ETH, marking one of the most significant corporate pivots of 2025.
The funding round, priced at $4.50 per share, includes participation from traditional finance and crypto-native heavyweights, including Founders Fund, Pantera Capital, Galaxy Digital, and Kraken. The deal is expected to close on July 3.
BitMine plans to transition from its roots in Bitcoin mining to a new model centered on holding and generating yield from Ethereum. The goal is to become the largest publicly traded ETH holder.
Lee described the strategy as building the “Strategy of Ethereum,” emphasizing ETH’s income potential through staking and DeFi mechanisms, advantages Bitcoin doesn’t offer.
BitMine Stock Rises on the News
A key shareholder metric will be “ETH-per-share,” a performance measure that will grow with ETH price appreciation and through on-chain cash flows from staking, restaking, and DeFi yield loops.
Lee argues that Ethereum’s dominance in stablecoins, tokenized assets, and DeFi infrastructure makes it a more dynamic treasury asset.
Investor response was immediate: BitMine’s stock jumped by almost 700% on Monday following the announcement.
The move also comes ahead of anticipated inflows into ETH spot ETFs, with Layer 2 fee reductions and staking yields above 4% making the timing particularly favorable.
Crypto analyst Eric Conner highlighted Saylor’s proof that convertible debt and a focused treasury strategy can drive outsized shareholder returns.
“Lee is running the same playbook on an asset that earns yield and secures the internet’s settlement layer,” he said.
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