Key Takeaways:
- BitMine raised $250 million to establish an Ethereum-based corporate treasury, signaling a shift from its Bitcoin-centric approach.
- The funding round included major crypto investors like Pantera, Kraken, and Galaxy Digital, and awaits NYSE American approval.
- This move aligns with a broader trend of firms pivoting to Ethereum, following similar actions by SharpLink Gaming and Bit Digital.
BitMine Immersion Technologies has raised $250 million through a private placement to launch an Ethereum-focused corporate treasury, marking a significant pivot from its prior Bitcoin-centric strategy.
The company sold 55,555,556 shares at $4.50 each, with participation from MOZAYYX, Founders Fund, Pantera, Kraken, Galaxy Digital, and others.
We are proud to be an anchor investor in BitMine, where Tom Lee (@fundstrat) will serve as chair and help shape their ethereum treasury strategy.
— Pantera Capital (@PanteraCapital) June 30, 2025
This is the first deal out of Pantera DAT Fund, a new fund we created to provide investors access to Digital Asset Treasury (“DAT”)… https://t.co/mQ91Q5r96n
The transaction is set to close pending NYSE American’s approval.
BitMine Chairman Thomas Lee called stablecoins the “ChatGPT of crypto” and expressed strong belief in Ethereum’s potential, noting that ETH is the primary blockchain for stablecoin payments.
This move aligns with a broader trend – SharpLink Gaming recently acquired 176,271 ETH for $463 million, becoming the largest publicly traded Ether holder, and named Ethereum co-founder Joseph Lubin as board chairman.
BitMine now brands itself as a “Bitcoin and Ethereum Network Company”, reflecting its updated dual-focus strategy.
It currently holds 154 BTC worth around $17 million, ranking 62nd among corporate Bitcoin treasuries.
The shift follows similar moves, such as Bit Digital announcing plans to exit Bitcoin mining and refocus on Ethereum – causing its stock to drop nearly 19% over five days, including a 15% plunge in 24 hours.
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