BitMine Raises $250 Million, Installs Tom Lee to Build Ethereum Treasury

BitMine Immersion Technologies said it has raised roughly $250 million in a private placement, selling about 55.56 million new shares at $4.50 apiece. The proceeds, funded in cash and cryptocurrencies, will be used to accumulate ether and make the digital asset the company’s primary treasury reserve. The round was led by investment firm MOZAYYX with backing from Founders Fund, Pantera Capital, Galaxy Digital and other crypto-focused investors.

Concurrently, BitMine appointed Wall Street strategist and Fundstrat co-founder Tom Lee as chairman of the board. Lee likened the plan to MicroStrategy’s Bitcoin strategy, arguing that Ethereum should benefit from the rapid growth of stablecoins and other on-chain applications. The company intends to track the amount of ETH held per share as a key performance metric and may add to the position through future capital-markets activity and reinvested cash flow.

Investors cheered the announcement: BitMine’s lightly traded shares surged as much as 400% to about $23.35 on Monday, lifting the firm’s market value well above its prior roughly $26 million capitalization. The move underscores a growing trend among small publicly traded firms turning to ether, rather than bitcoin, to diversify corporate treasuries and tap into broader crypto-financial applications.

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