On June 30, 2025, BitMine Immersion Technologies (BMNR) announced a $250 million private placement to establish an Ethereum treasury. This strategic shift from Bitcoin to Ethereum marks a significant move in the crypto market. The company's stock price increased by 5.07% on the same day, closing at $25.87. (Source: CoinTelegraph, The Block, Investing.com)
The private placement involves selling 55,555,556 shares at $4.50 each, led by MOZAYYX. The closing is expected around July 3, 2025. The funds will be used to acquire Ethereum (ETH) as the primary treasury reserve asset. (Source: CoinTelegraph, The Block, Investing.com)
BitMine aims to increase the value of ETH held per share through reinvestment and capital markets activities. As of last week, Minnesota-based SharpLink holds 188,478 ETH, while the Ethereum Foundation holds 213,072 ETH. This move positions BitMine as a major player in institutional crypto adoption. (Source: CoinTelegraph, The Block, Investing.com)