Bitcoin mining firm BitMine is shifting gears, unveiling a bold strategy to become Ethereum’s version of MicroStrategy.
The company announced plans to raise $250 million to build a massive ETH treasury and confirmed that well-known strategist Tom Lee will chair its board.
In a private placement expected to close by July 3, BitMine will sell over 55 million shares at $4.50 each, aiming to redirect the proceeds into Ethereum purchases. The funding round is backed by high-profile names including Founders Fund, Pantera, FalconX, Galaxy Digital, Republic, Kraken, and MOZAYYX.
Ethereum will be BitMine’s core reserve asset, with the company intending to participate in staking and DeFi protocols as part of its broader ETH-based treasury strategy. This approach mirrors the Bitcoin-first strategy of MicroStrategy, but with a focus on tapping into Ethereum’s broader ecosystem capabilities.
Tom Lee, who now chairs the board, called the investor lineup “a reflection of the growing fusion between traditional finance and digital assets.” He emphasized Ethereum’s central role in powering stablecoin transactions and DeFi activity, arguing that ETH is uniquely positioned to benefit from long-term growth in blockchain-based financial infrastructure.
The company’s move comes at a time when institutional adoption of Ethereum is accelerating. With staking yields, Layer 2 expansion, and real-world asset integration gaining momentum, BitMine sees Ethereum not just as a store of value, but as a productive asset. Through this initiative, BitMine hopes to become a model for treasury diversification in the crypto-native corporate world.
If successful, the strategy could open the door for other public companies to adopt similar Ethereum-based treasury frameworks — pushing ETH further into the financial mainstream.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/major-bitcoin-miner-to-raise-250-million-for-ethereum-treasury/