BitMine Immersion Technologies raised $250 million through a private placement to launch a new BitMine Ethereum treasury. The company sold 55,555,556 common shares at $4.50 each. The deal will close after NYSE American approves the Supplemental Listing Application.
The $250M ETH raise marks a change in the BitMine crypto investment plan. MOZAYYX led the round. Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee also joined.
Thomas Lee Highlights Ethereum’s Stablecoin Role
Thomas Lee, chairman of BitMine, linked the move to Ethereum’s use in stablecoin payments. He said,
“Ethereum is the blockchain where the majority of stablecoin payments are transacted […] and thus, ETH should benefit from this growth.”
He described stablecoins as a central feature in crypto adoption, which influenced the BitMine Ethereum treasury decision. The firm now identifies as a Bitcoin and Ethereum network company focused on long-term crypto investment.
SharpLink Acquires $463M in ETH for Corporate Treasury
SharpLink Gaming recently bought 176,271 ETH for $463 million. The firm also appointed Ethereum co-founder Joseph Lubin as board chairman. This gives SharpLink the largest corporate Ethereum holdings among public companies.
The SharpLink ETH purchase reflects a wider move toward ETH-focused treasuries by companies with large crypto reserves.
Bit Digital, another crypto firm, announced it would exit Bitcoin mining. It plans to use proceeds from asset sales to buy Ether. After the Bit Digital Ethereum pivot, its shares fell 15% in a day and dropped nearly 19% over five days.
This adjustment shows how other firms, like BitMine, are also reshaping their crypto investment strategies.
Ethereum Leads in Stablecoin Transactions
Ethereum supports the highest volume of stablecoin transfers. USDT and USDC operate mainly on its blockchain, making it a preferred network for corporate reserves. As usage grows, more companies are building ETH-focused treasuries.
BitMine’s decision to raise funds reflects this trend. The company joins other firms in reducing dependence on Bitcoin and increasing exposure to Ethereum’s network activity.
